In an interview with Arutz 7, former Treasury director Ben Zion Zilperfarb said that better supervision and conservative policies saved Israel from the fate of many other countries during the still ongoing recession. "Compared to what is going on in other developed countries, we succeeded in surviving the crisis. This does not mean that there will not be difficulties in the future. Our growth, we must remember, was at zero percent, but we were not as bad off as other countries, where growth was negative two or three percent."
Zilberfarb said that "the financial system did not crash as it did in other countries because of conservative policies and good supervision. This helped us overcome the crisis. The government did not panic, and we indeed saw that the losses corrected themselves," he added, saying that Israel would not fully recover until the U.S. did, since much Israeli production was exported tot he U.S.