At the same time the tremendous importance of the creation of a mechanism to ensure the appointment of the most suitable people to the council must be borne in mind: they must have no axe to grind, and cannot come from the business sector, government, or politics.
Turning to the issue of transparency and reporting, the Bank of Israel already publishes a half-yearly inflation report which explains the interest policy to the public, its results, and the implications of the developments during the previous half year, and describes the policy likely to be adopted in the future.