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Fischer submits Bank of Israel’s annual report

Bank of Israel Governor Stanley Fischer presented the central bank’s annual report to the government Wednesday, and summarized 2011 as a year in which the economy dealt successfully with significant difficulties.
In the short term there will be a need to deal with budgetary pressures stemming largely from defense needs, Fischer said. He added that the main long-term challenges to economic growth are related to demographic trends and problems in the education system.The eight-chapter, 321-page report covers economic policy, industries, monetary and inflationary policy, the financial system, labor force, public services, balance of payments, and welfare. 
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