Little impact would be felt by average Israelis and Palestinians. Those who would suffer most would be full-time negotiators like Martin S. Indyk and Saeb Erekat, who would find themselves out of a job after 20 years of gainful employment in the peace process industry.

What should replace Oslo’s false promise? We should implement what I have called a “three-state solution.” In the future, the final status of the Palestinians will be determined in a regional agreement involving Jordan and Egypt, when the latter has been restabilized. All the region’s states must participate in the process of creating a long-term solution for the Palestinian problem.

In the short term, the Palestinians will continue to have autonomy over their civilian lives while Israel remains in charge of security throughout Judea and Samaria, commonly referred to as the West Bank. Following an initial period, the Arab residents of Judea and Samaria could continue to develop their society as part of an agreement involving Israel and Jordan. Similarly, Gaza residents could work with Israel and Egypt to create a society that granted them full civil authority over their lives in a manner that was acceptable to all sides.

Most veterans of the peace process will mock this proposal, protesting that there is no way it would be accepted by the Palestinians. Their argument may seem convincing today, but as I often remind my critics, our region is unpredictable. Had you told any Middle East expert five years ago that two successive Egyptian presidents would be deposed and Bashar al-Assad’s regime would be in the midst of a bloody civil war, you, too, would have been mocked. Things change. We can make them change.

I am aware that even if the Palestinians accepted this plan, we would still have to deal with a fundamentalist Hamas regime in Gaza and continuing instability in Egypt. No plan for Israeli-Arab peace can be fully implemented until these issues are resolved.

In the short term, Israel’s only option is to manage this conflict by refusing to compromise when it comes to the security of Israeli citizens. At the same time, our government should take all steps possible to improve the economic well-being of the Palestinians.

The dissolution of the Oslo Accords would serve as the official act validating what we already know — that this failed framework is totally irrelevant in 2013. Once the Palestinians were ready to sit down and seriously discuss how our two peoples, through this new paradigm, could live side by side in peace and prosperity, they would find willing partners across the political spectrum in Israel.

It may not be the utopian peace promised to all of us on that sunny day in September 1993, but in the harsh realities of the Middle East, this may be the best we can hope for and the sole realistic chance for our children to grow up in a world less violent than previous generations have had to endure.