There is no choice but to bring the chapter of earmarked bonds to a close. This arrangement not only damages the economy but also constitutes a very high barrier to the development and expansion of the funded pension savings route which, as is known, is itself far from being as widespread in Israel as it should be.
3. Achievements  In mapping out these avenues our intention was not to imply that specific tools would fall exclusively into any of these categories. In fact, in many respects we have experienced convergence across avenues. We have been increasingly analysing money and credit in the context of macroeconomic systems.