Bank of Israel Governor Prof. Amir Yaron participated last week in a meeting of central bank governors from around the world who are members of the Bank for International Settlements (BIS)*.  The meeting was held online, and hosted by the BIS.  Governor Yaron was one of the headline speakers in the main discussion, which was emceed by Federal Reserve Chairman Jerome Powell.  In his remarks, Governor Yaron presented Israel’s vaccination process and developments in Israel’s economy.


The Governor also participated in a session that dealt with the effects of the COVID-19 crisis on the global economy and the challenges facing central banks in dealing with the fallout of the pandemic.  Another session in which Governor Yaron participated dealt with the variety of actions taken by the central banks of small and open economies in order to spur their economies due to the impact of the COVID-19 pandemic.









* Background:

The BIS (Bank for International Settlements) is the bank regulating international financial settlements.  It is the oldest international financial organization.  Its role is to promote cooperation between central banks, of which 63 are currently members.  The BIS’s activities include the development of international banking supervision standards and criteria (the “Basel” regulations), monitoring the stability of the international financial system, providing banking services to central banks, and assisting various financial institutions in performing their functions.  The Bank of Israel joined the BIS as a full member in September 2003, after obtaining the government’s approval.​