Arguments about monetary policy I turn now to arguments about monetary policy and inflation. The first one that I want to address is the assertion that monetary policy, in adjusting interest rates, is ineffective in controlling prices, because it is failing to restrain demand. More than once I have seen people state that the rises in interest rates seemed not to make much difference.
Thus, already in the coming year we intend to carry out a process of rethinking the monetary policy framework, and we have already invited senior officials from central banks around the world to come to Israel and participate in a conference we plan to hold on the issue.