The Winograd Commission's report found "serious faults and defects in the decision making processes in both the political and the military levels and the interface between them," in the course of the Second Lebanon War. The report summed up the war with the phrase "a great missed opportunity."
The commission found that the war was mishandled by both the political and top military echelons, despite the fact that the IDF was facing an inferior enemy.
Two Years Ago
--Bank of Israel Chief Prof. Stanley Fischer has cut the February interest rate by 25 base points - to 4.25 percent. The interest rate is now 1 percent below the US Federal Reserve Board’s rate for the time in Israeli history.
“Expectations derived from the yield curve imply a further reduction in the interest rate in the course of the next twelve months,” a Bank of Israel announcement stated. “Forecasters predict an inflation rate for the next 12 months of 1.9 percent, close to the midpoint of the target range. They also expect, on average, that the Bank of Israel interest rate will reach 4.5 percent at the end of 2007.”