Israeli Prime Minister Benjamin Netanyahu has announced that he will no longer pursue a complete overhaul of the judicial system in the country. In an interview with Bloomberg Television, Netanyahu stated that the only remaining change he plans to pursue is to alter the composition of the judge selection committee.
Netanyahu explained that he wants to strike a balance between having an "activist judicial court" and a legislature that can easily overturn court decisions. He emphasized the importance of restoring this equilibrium in order to uphold the principles of democracy in Israel.
The decision to abandon the other proposed changes in the judicial system marks a significant victory for those who have been protesting against the reforms. The planned changes included giving parliament the power to overrule the Supreme Court and allowing government ministers to appoint their own legal advisers.
Opponents of these changes argue that the judiciary serves as a crucial check on the government's power and that maintaining an independent and professional selection process for judges is essential for the protection of minority rights and preventing the implementation of populist policies.
While Netanyahu's government has already passed a law that curbs the oversight powers of the courts, he expressed his intention to negotiate with the opposition during the parliamentary recess in an attempt to reach a compromise. However, the opposition has stated that they will only participate in negotiations if the government agrees not to introduce any further changes to the judiciary without consulting them first.
The ongoing protests against the proposed judicial changes have had a significant impact on Israel's economy and markets. The country's currency, the shekel, has performed poorly, and Israel's dollar bonds have been among the worst-performing in emerging markets this year. Netanyahu sought to reassure investors by highlighting Israel's strong fundamentals and its technological prowess.
Netanyahu's decision to abandon most of the judicial overhaul and focus on altering the judge selection committee is seen as a concession to the protesters. It remains to be seen if this compromise will bring an end to the protests and ease tensions in the country. The prime minister's decision also raises questions about the future of Governor Amir Yaron, who has been a vocal critic of the proposed judicial changes. Netanyahu said that he is considering whether to ask Yaron to stay on as the head of the central bank but has yet to make a decision.