But the program of exposing the economy to abroad in the mid-1980s and the  BIS Review 121/2006  1  liberalization of the foreign currency market and capital flows initiated by the Bank of Israel in the 1990s were the most significant aspects of this process.
It was not just that they opened the economy to the global economy, but they created a framework for macroeconomic policy that operates according to the norms accepted in the advanced economies, based on budget and inflation targeting.