Prime Minister Benjamin Netanyahu said Monday the main issues raised by 'social protest' leaders would "not be solved in days, but in weeks."
Speaking at the Knesset Finance Committee, Netanyahu noted the recent downgrade of US credit and warned against following Europe's lead.
"They lived beyond their means using financial leverage and loans. That bubble has now popped," he said.
"In addition to global issues Israel has specific problems. The first is housing, because Israelis pay three times what Americans do for housing and that's not fair. The second one is deformity in taxes, and the third is that we have cartels and monopolies and we will take care of this. The last problem is the distribution of the burden," Netanyahu said.
Netanyahu said these issues could not be solved immediately.
"Certainly not in days, but we will do it in weeks," he vowed, adding that he would treat recommendations offered by the appointed committee "seriously".
Even weeks is a bold promise from Netanyahu, whose government will have to draft, pass, and implement laws and policies on a wide array of issues in order to effectively overhaul Israel's economic realities.
If successful it could still take months, or years, for the effects of whatever policies Netanyahu enacts to be fully realized and recognized by Israel's public.