Jerusalem, 19 June 1996
BANK OF ISRAEL GOVERNOR JACOB FRENKEL TO HEAD PRIME MINISTER'S ECONOMIC
ADVISORY COUNCIL
(Communicated by Shai Bazak, Prime Minister's Media Advisor)
Bank of Israel Governor Prof. Jacob Frenkel will head an economic council
which will advise Prime Minister Benjamin Netanyahu on economic issues,
the Prime Minister's Media Adviser announced yesterday, Tuesday 18.6.96.
Frenkel will also participate regularly in all government discussions on
economic issues, in the economic cabinet and on the ministerial committee
on privatization. Prof. Frenkel will also advise the Prime Minister during
preparation of the state budget. Prime Minister Netanyahu intends to take
advantage of Frenkel's professional capabilities and looks forward to
receiving his assistance in the creation of economic policies in all
spheres.
The Prime Minister stressed the importance of the Governor continuing to
contribute and advance Israel's economy. Therefore, after consulting with
newly appointed Finance Minister Dan Meridor, he asked Prof. Frenkel to
continue in a second term as Bank of Israel Governor. This request will be
brought to the cabinet for approval in the near future.
Prime Minister Netanyahu very much values Prof. Frenkel's abilities and
his high level of professionalism and will unequivocally support him and
the policies he takes. Bringing down inflation to Western levels
represents a central aim of his economic policies. It is therefore
important to guard the Governor's, and the Bank of Israel's, total
independence in order for him to act to achieve the goals.
The Prime Minister stressed the importance of integrating Israel's economy
into the global economy and Israel's participation in financial
frameworks. Due to Prof. Frenkel's professional standing and his
reputation within the international community, Mr. Netanyahu told the
Governor that he intends to make use of him in order to reach this goal.