It goes without saying that no country anywhere can be immune to a crisis of such global reach and unprecedented severity. It is a credit to African decision-makers that their countries found their way back to the path of recovery so rapidly.
14 Now, from etymology to economics: I want to review my experience with macroprudential policies – in the second sense of noninterest regulatory and supervisory policies – as Governor of the Bank of Israel to draw a few key lessons about the use of these policies. To set the background: There was no financial crisis in Israel during the Great Recession.