Over the last two years, a revolution has occurred in the way Israel manages its economy, the focus of which is changing over to a bi-annual budget. Within a few years we will see many western countries, including the US, adopting the option of a bi-annual budget.

Thus boasted the Finance Minister of Israel, Dr Yuval Steinitz. He has a point, and I have said as much in some of my previous blogs.

It is interesting to compare Israel’s economic progress to that of the other smaller members in the OECD. For example, a recent analysis of relations with Greece explains that “Sick of their ailing economy and IMF meddling, many Greeks see the Israeli model of economic growth as the one to emulate.”

The situation was eloquently reviewed by Dr. Michel Strawczynski , a senior researcher at the Bank of Israel:

The economy managed to lower the ratio of public debt to GDP during the crisis, at a time when many countries increased their debt, thereby hampering their recovery from the economic crisis.

Time for a few European finance ministers to make a trip to the Holy Land and discover an economic miracle?