Research has shown that decisions made by committees of experts are, on average, better than those made by one expert acting alone. The new Bank of Israel Law will establish two decision-making mechanisms – one in the policy area, and the other in the area of management of the Bank.
a)  Interest rate policy – the Monetary Committee  In most countries decisions on the interest rate are made by a monetary committee that operates in the central bank. Generally the monetary committee has some members from outside the central bank and some from within, with the governor of the bank heading the committee.