In particular, a better quantitative understanding of how financial factors impact on forecasts for inflation and economic activity, and how they influence the effect of interest rates changes on the economy is desirable. That process of integrating the financial sector and variables in macroeconomic models is currently underway. A further conclusion arises from the fact that the financial system is opaque.
Complacency, as stated, is highly dangerous in this context. Even if no financial institution has collapsed in the current crisis in Israel, we should remember that it was a damn close run thin. We were forced, for example, to unfurl a safety net for the pension funds during the crisis, some domestic corporate bonds had to the reorganized, and so on.