The Bank of Israel will host a meeting of the world's central banks within a year, Deputy Governor Zvi Eckstein said today at the Bank of Israel's annual conference. He added that the bank was working on a document that will include the lessons of the global financial crisis.
"We're working on a comprehensive document on the lessons of the crisis," Eckstein said. "It will be a work tool for the future. The Bank of Israel entered the crisis in extraordinary shape. We understood how to handle the crisis. We intend to host in Israel, by February 2011, the conference of the world's central banks, which will focus on the crisis and the lessons from it. The main lesson is to maintain financial stability and support by providing liquidity."
Eckstein said that the Bank of Israel would set up a "special research team that will analyze and monitor financial stability". He said that this team would work with the Israel Securities Authority and Ministry of Finance Capital Markets, Insurance and Savings Division. "We want to exploit current knowledge to apply good financial policies in the future," he said.
Eckstein added, "We intend to create an adjustment system that will enable us to dismantle a large financially troubled company without damaging the market and economy; a kind of corporate will."
Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2010
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