*** More changes to financial regulation are likely to be introduced in the coming years in the form of new initiatives from the Basel Committee as well as changes to EU regulation resulting from the banking union. According to the Basel Committee, the forthcoming changes are not aimed at increasing the total capital requirements for the financial sector.
Services exports, which account for about one-third of exports, are growing at a respectable pace, and the main component that is growing is obviously business services, and within that, software services. These industries characteristically better absorb the strengthening of the shekel, and developments abroad also apparently have less of an impact on the consumption of services that our industries excel at producing.