'Normal environment' still far off, says Flug

Governor discusses Bank of Israel's changed role following the crisis


The fact that legislation defining the Bank of Israel's mandate was completed in 2010 means the law "already internalises the initial lessons" from the global crisis, Bank of Israel governor Karnit Flug noted in a speech on Tuesday.

Flug outlined the changes of central banks' roles as a result of the financial crisis, and the development of the Bank of Israel's tools in view of global trends.

Quoting former governor Stanley Fischer, Flug said: "I long for the days before the crisis when we would

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