I fear also that in years to come we will do much worse on the corruption index. If we are to sustain growth, we need to reduce bureaucracy and fight the corruption that so often accompanies it. These too are not easy tasks, but they are essential for the wellbeing of Israeli society.
Differences in legal frameworks as well as in clearing and settlement systems are the usual suspects and, indeed, these are the major actors in the impediment play. The process of translating European legislation into national law, making securities market laws compatible among the members of the European Union, is currently progressing in slow motion. Fortunately, progress towards integrated securities markets is in the offing.