We noted with satisfaction that the domestic economy is in a good situation—and indeed, when looking beyond the technical volatility, we see that the economy is growing at a solid pace, the labor market remains tight, and it appears that to date the slowdown in the global economy is not trickling down to the Israeli economy, not even to exports, which continue to grow, particularly due to services exports.
Before I turn my attention to how to enhance growth in the euro area and make the regulatory framework of monetary union more stable, I would first like to say a few words about the current monetary policy. 2.