Establishing a joint body to coordinate the various authorities supervising the financial markets: obscuring the limits between the various spheres of activity of Israel’s financial institutions, as well as Israel’s integration within the global economy – including the involvement of foreign financial institutions in the domestic market – require greater coordination and exchange of information between the supervisory bodies in order to make the system more efficient.
The ECB has been able to reach a large  2  BIS Review 18/2008  number of banks in its open market operations at a time when the money market has been working imperfectly. As a result, the Eurosystem has continued to be able to strongly influence money market rates.