Wednesday 15 March 2023 - 21:01

Top ‘Israeli’ Banker Comes Out Against ‘Hasty’ Overhaul That Could Harm ‘Judiciary’

Story Code : 1046949
Top ‘Israeli’ Banker Comes Out Against ‘Hasty’ Overhaul That Could Harm ‘Judiciary’
“Right now, the changes [introduced] in the ‘judicial reform’ could weaken some of this independence. Moreover, the process itself is hasty and does not have a wide agreement in the public,” Yaron told CNN in an interview aired early Wednesday.

Yaron said one of the reasons an orderly and broadly agreed-upon process was important was to stop companies from directing investments away from the ‘Israeli’ market, something that several major firms have already announced they will do.

“We have seen some high-tech leaders and industry leaders telling us that maybe first investments won’t come in, and some are even talking that they might take their business elsewhere,” he said.

“In the long run, the implication might be, basically, brain drain, etc., and this is why this should be handled with care,” added Yaron.

“This has huge implications, and this is why it’s imperative that we maintain the strength and independence of this institution, and this is done in a way that has a wide acceptance in the public and it’s a transparent process.”

Yaron sought to quell fears that the government may also try to curb the independence of the Bank of ‘Israel’ itself.

He also said he was doing whatever he could to curb mounting inflation, saying that slowing rate hikes too early was dangerous and acknowledging that the process commonly involves “pain.”