MR.ALAN'S his readers — and, by extension, the policy-making and financial community — to write off the Brodet Report as a loss, and re- focus on the underlying issues. These, in his view, have not changed, except insofar as they have gotten worse. The original agenda of financial deregulation is still valid and, so long as it is uncompleted, demands attention. Since the key issue of long- term savings instruments and the tax policies to be applied to these (i.e. pension funds, life in- surance, provident savings etc.) was the one over which Dr. Klein dissented from his colleagues, his rationale for doing so is also the basis for his proposals for the fu- ture — and this 'future' is the first and key word in his head- line and paper. In his usual clear, cogent and persuasive style, Dr. Klein spells out what he sees as wrong with the strategy of continuing to is- sue guaranteed, non-tradable bonds for the pension funds, which is for him the Original (and ongoing) Sin. Dr. Klein also traces where this policy might lead in the longer term, and the damage it implies not only in the narrow context of the financial markets, but also in the wider one of the economy as a whole, including its fiscal and social implications. Having identified the under- lying problems and their sever- ity, and having also emphasized that the demise of the Brodet Report need not be allowed to derail the entire financial dereg- ulation process, Dr. Klein ends by briefly defining the central elements of his policy proposals. Not surprisingly, these are the same aims that he has been pur- suing since his appointment in 1986. "The time has come to com- plete the reform of the financial markets," is the title of this clos- ing section. This completion rests on four pillars: 1. All savings must be chan- nelled through market mecha- nisms. 2. The ownership of the main investment institutions should be separated from those of the banks, thereby sharpening com- petition in the financial sector. 3. Israel's remaining foreign exchange controls must be abol- ished. 4. Getting rid of, or at least mitigating, the distortions in the tax treatment of various savings and investment vehicles avail- able to individuals and institu- tions in Israel. Considering that, as Dr. Klein points out, financial deregulation is necessary not merely to avoid this economy's appearance over- seas as weird and backward, but also so that Israel can realize its growth potential — continued in- action will cost us all dearly. ❑ (c) Jerusalem Post 1996 SUPER SALE SUPER MARKDOWNS TAKEN ON EVERYTHING IN STOCK! ppCKpoRT 20% OFF #1 IN BUICK SALES AL HARRIS ENTIRE STOCK OF TaMaROFF 28585 Telegraph ROCKPORTS* Rd. 353-1300 ENTIRE STOCK OF JOHNSTON & MURPHY ENTIRE STOCK OF MEZLAN 020% OFF COLE HAAN 1020% OFF BALLY AT THE CLAYMOOR 29260 Franklin Rd. Southfield. 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