This has been the case both for our guidance on rates and on our reaction function, notably when we laid out the contingencies that would justify launching an asset purchase programme in response to a tooprolonged period of low inflation.9  Conclusion To conclude, we currently see inflation converging towards our aim over the medium term, and we are more confident than in the past this convergence will come to pass.
In view of the lack of conditions for developing an interbank market, the development of a repo market looks like the most significant alternative for developing benchmark interest rates in the market. The various tools that I have mentioned today have already existed in the world for some time, some of which, as noted, are being implemented and promoted now in Israel.