Bank of Israel Governor Stanley Fischer on Monday addressed protests against the high cost of living in Israel, saying that " the latest developments came as a surprise, at least to me and I imagine to most people."

Speaking during a press conference at his office in Jerusalem, Fischer said he was surprised by the sweeping protest movement because "there were no clues or signs before hand." He added, "As far as economic indicators are concerned, the economy is in a very good situation, with the lowest unemployment rate since 1987."

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Fischer said, however, that "it is impossible not to take note of the fact that 150,000 people took part in demonstrations on Saturday and it's impossible not to note what is happening in in tents in cities across the country."

The Bank of Israel governor acknowledged the need for the government to find solutions for the concerns of Israel's citizens but warned, "We can't try to come up with solutions off the cuff in two days," adding that a smart plan of action must be thought out and formulated.

Fischer stated that teams must be formed to analyze the situation, suggest solutions and follow after the daily implementation of these solutions.

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