It enables the central bank to stay attuned to public criticism, and it enables the public to better understand the functions, policy, decisions and achievements of the central bank. The two subjects I have spoken about so far, central bank independence and the requirement for transparency and accountability incumbent on the central bank lead me to my main subject this evening. III.
The new Bank of Israel Law  The new law will clearly define the independence of the Bank, its goals, and the mechanisms for decision making, and should impose on the Bank a comprehensive framework of transparency and accountability.