I had launched this particular idea myself together with several friends. I was very happy to see that it could fly. FT: When was that? JCT: I launched it when I was Governor of the Banque de France, and it was at the time when the idea of having perhaps new legislation at a global level to run such a crisis was launched.
Not surprisingly, Israel, as a very open economy, has been adversely affected by the global financial crisis. I also note that the Israeli economy has been quite resilient compared with other advanced economies. Israel can rightfully take pride in its recent economic performance, as well as in its achievements in economic development more broadly.