In the Israeli case, the law gives the central bank a free hand in injecting liquidity, but the central bank needs government approval to resolve an insolvent institution.
Now we have pooled monetary policy so it is considerably complex for the IFM dictate discipline to some country without saying anything on the monetary policy. Still, this is the other “macro-lever” of the IMF. Handelsblatt: Are you in favour of a European Monetary Fund?