Mike Hanna: How will the Mitchell Report go over?

CNN's Jerusalem Bureau Chief Mike Hanna

(CNN) -- Former U.S. Sen. George Mitchell released his committee report on Monday, which recommended steps for Israelis and Palestinians to end eight months of bloody conflict and resume peace negotiations. The international committee was established at Mideast negotiations in Egypt in October.

"The government of Israel and the Palestinian Authority must act swiftly and decisively to halt the violence. Their immediate objectives then should be to rebuild confidence and resume negotiations," the report said.

CNN's Jerusalem Bureau Chief Mike Hanna addresses the Mitchell Committee report and its possible impact on one of the world's most volatile regions.

Q: What are the likely reactions to the Mitchell Report?

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HANNA: We know the Israeli government's answer to the report, and it says it regards the report in a favorable light. It sees it as a possible basis for moves to reduce or end the ongoing violence, but it has several reservations about some of the recommendations -- in particular the one calling for a freezing of settlement construction.

Q: What about the Palestinian response?

HANNA: The Palestinian Authority has, according to the responses that we've seen, accepted the report in its entirety. But at the same time, it says it will only accept the entire report if the Israeli government does likewise. In other words, it is not prepared to accept a report in which Israel only accepts some of the recommendations. It insists that Israel accepts all the recommendations, in which case, it will do likewise.

Q: That sounds terribly familiar. Is there much hope that this report will create some movement?

HANNA: The Mitchell report is the only game in town at the moment. Where it could move is in the fact that both sides, despite Israel's reservations, say they see this committee report in a favorable light. Both sides appear inclined to accept the basis of the committee's report as a springboard to some form of cooperation on the ground, which could lead to an end to violence, which could lead to new negotiations.

But given the situation at the moment, many observers are not that optimistic about the report acting as a springboard to renewed negotiations between the two parties. That seems a long way down the line.