change the state of financial system competition, and agreement has been reached regarding those steps. however, there are quite a few steps regarding which there is still disagreement, such that the discussions have not yet been exhausted and there remains much work ahead of the formulation of final recommendations. i emphasize that the issues which the bank of israel opposes reflect, from the bank ’ s professional perspective, measures that are liable to negatively impact the public and to serve as a marked risk to the stability of the economy. the committee ’ s recommendations reflect agreements that were reached on important and material issues : bis central bankers ’ speeches separating the two credit card companies from the large banks, while providing proportionate protection to the nascent separated companies ; a more lenient level of supervision over entities that do not take deposits, which will make it easier for new entities to compete with banks ; constructing technological tools for the consumer ( information services and activity initiation ) that will allow simple price comparison ; deposit insurance is a measure that will help small banks compete for additional customers, and strengthen our ability to deal with the next crisis ; completing regulation that will apply to nonbank financing companies ( including p2p ’ s ). supervised companies will be able to be connected to the payment systems. payment services regulation, in accordance with generally accepted principles worldwide with adjustment for the domestic market, and the setting of conditions for access to the controlled payment systems. setting up a committee to monitor the implementation of the recommendations, and to recommend, as necessary, additional steps. advancing the steps on which agreement has been reached will lead to a material change in the level of competition in the financial system, without risking its stability and without negatively impacting consumers. it is important that financial system reforms are made with agreement, as a lack of agreement will hamper the ability to implement the recommendations in practice. we must implement these steps responsibly, with a long term view of the benefit to consumers and the economy. bis central bankers ’ speeches

decisions. it is that simple. it is also clear that the governance / quota problem will not be solved without resolving difficult issues about the representation of europe in the fund. for lack of time, i pass over quickly two other issues : the income of the fund, and the fund's role in poorer member countries. as emphasized in a recent paper by jack boorman, the fund's income needs to be fitted to its role, and not vice versa. with regard to poorer member countries, the fund, in close collaboration with the world bank, needs to continue to be involved in working with them. after all, its claim to legitimacy depends on its being and being seen as a global institution. in this regard, it will probably be necessary to increase the basic vote by more than agreed upon at least year's singapore meeting. there is much to be done, and we wish incoming managing director strauss - kahn every success as he takes over leadership of the fund. 3. the bank president zoellick has set out his vision for the bank in his october 10 speech at the national press club and his october 21 note to the development committee. the vision is appropriately ambitious. it deserves the strong support of the membership. the overall vision is to contribute to an inclusive and sustainable globalization – to overcome poverty, enhance growth with care for the environment, and create individual opportunity and hope. to do that, the president sets out six key strategic themes : • overcoming poverty and spurring sustained growth in the poorest countries, especially in africa ; • helping rebuild post - conflict and failing states ; • producing an appropriate business model to help middle income countries meet their development goals ; • fostering regional and global public goods ; • promoting development and economic opportunities in the arab world ; • developing the role of the bank as “ the knowledge bank ”, a brains trust of applied experience. as they should, these themes clearly reflect the needs and wishes of a wide range of the developing and emerging market member countries of the bank. the goals implied by the themes will not be achieved easily. indeed it is fashionable to emphasize the failures of development over the past fifty years, the many countries where per capita income has declined, the persistence of poverty and of hunger. it is right to emphasize the problems that remain to be solved. but we should also from time to time recognize that this has been a remarkably successful decade for the developing countries, that many african countries are now growing at rapid rates, and that in asia