Confirms growth was projected down from 5.2% to 3.8% for 2026, assuming conflict lasts until end of April. If fighting stops, they would 'upgrade that 3.8 slightly.' Predicts a bounce back to ~5.5% in 2027.

Cites the Israeli economy's great resiliency over the past 2.5 years.

Immediate GDP impact from missiles closing education systems (parents stay home) and reduced activity. In Lebanon, 'boots on the ground' means more reserves duty, impacting GDP.

Primary role is ensuring financial stability, which they have done. Markets are taking a 'very positive view' on Israel despite events.

Notes they also act as economic advisors to the government, advocating for fiscal consolidation to manage debt-to-GDP.

Projects inflation to be in low 2s by end of 2026/early 2027 if conflict ends by April, signaling potential for 'another one, two cuts.' The big issue is getting debt back on a downward trajectory.

Says better geopolitical outcomes allow more flexibility to spend on security and growth engines while lowering debt.

FX is a tool used primarily to support monetary policy or financial stability, not particular sectors. Gives examples: sold reserves for stability at war's start, bought reserves during COVID for monetary policy.

Central bank independence is key for success. It allows inflation to be brought down efficiently and with less cost, which helps the weak segments of society.

Acknowledges fiscal dominance is a threat but says there is understanding in many corridors about the importance of independence.