Economics Minister Naftali Bennett on Sunday was named as chairman of a ministerial committee to reduce the cost of living in Israel. The establishment of the panel, said Bennett, showed the government’s intention to “open up the stops and blocks in the bureaucratic process to enhance the breaking of monopolies and enhance competition to reduce the cost of living.

“The government sees this as a national goal, and has given this committee exceptional powers,” Bennett said. “The government realizes that many people have a hard time paying their monthly bills, and many good Israelis who have moved abroad who wish to return do not because of this. Expenses do not match income. We are determined to fix this problem,” he said.

“Already in its first week the government has taken a series of steps to lower costs for bread, as well as implementing new regulations to reduce the cost of sunglasses, laundry detergent, and dozens of other items, along with ratifying the Open Skies agreement and a reduction in the cost of automobile registration.

“We are determined to open up the Israeli economy and reduce prices,” Bennett said. “Some will say we are moving too fast, but I say the opposite: We must move even more quickly and look upon this year as one of opportunity. This will be the year that changes Israel,” he added.