It is also important that the independence of the central bank be accompanied by fruitful cooperation between it and the government, including the Ministry of Finance. On this point I would like to mention the excellent cooperation between the Minister of Finance and me, and between the senior personnel in the Ministry of Finance and the Bank.
The modern approach to central bank independence is expressed in the laws relating to modern central banks in advanced countries worldwide. This is also the approach underlying the new Bank of Israel bill which we are drafting in conjunction with the Ministry of Finance and with the support of the Prime Minister.