The criticisms are happening alongside mass protests against plans by the ruling coalition—the most religious Israel has ever had—to weaken the power of judges. Many economists fear that the Bank of Israel is next in line after the judiciary for Prime Minister Benjamin Netanyahu and his allies.
“There is, undoubtedly, an increasing fear that institutions which the government deems too independent might be weakened,” said Karnit Flug, Yaron’s predecessor and now a vice president at the Israel Democracy Institute. “All 10 governors who have held office to this day were professionals with no political identity and it is crucial this remains the case.
“This is an appointment that can affect Israel’s credit rating, and investors and banks are also keeping a close eye on it,” said Waldman, who’s now the chairman of a family investment fund. Yaron was able to delay the move. He wrote in a sharply worded letter to Netanyahu that it “constitutes a very serious blow to the independence of the Bank of Israel and its ability to manage monetary policy.”
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