The answer to this question has important implications for our assessment of the monetary policy stance, as it potentially affects the interpretation of some of the analysis conducted under both pillars of the monetary policy strategy of the Eurosystem. At our last meeting in March, I already addressed the issue of the reference value for monetary growth.
Stanley Fischer: Overview of Israel’s economy Address by Professor Stanley Fischer, Governor of the Bank of Israel, to the Knesset Finance Committee, Jerusalem, 30 May 2005. *  *  *  Chair of the Finance Committee M.K. Yakov Litzman, Members of Knesset, honored guests. I am very grateful for the invitation I received from the Chair to come and speak to you.