Professor Stanley Fischer was a great catch for Israel. When he became head of the Bank of Israel eight years ago, he entered the job with a host of credentials from the world of international finance. And it is well-known that he has been a lecturer or teacher to the likes of Summers, Bernanke et al.

He saw Israel through the global credit collapse of 2008. Since then, growth has hit the 3-4% target levels. He took on and beat the heads of several local banks, specifically Bank Hapoalim. He has controlled inflation and helped to ensure that unemployment has remained reasonable, around 7%, despite the economic downturn.

No wonder Fischer has had enough. With some concerning irony, there are reports that he collapsed at his home last night with exhaustion.

Fischer is well aware that not all is well with Israel’s economy. He has been particularly concerned with the housing market bubble. Prices do not seem to stop rising. The month of May saw an additional 47% new mortgages compared to April 2013. Worrying.

And Fischer will be succeeded by Jacob Frankel, who has served in this position before and ahs already declared that he will need to find a method to support the government’s austerity measures. Unfortunately, he will not be allowed to meddle too much with interest rates.

Frenkel has his critics, and few financial leaders have not been tainted by mistakes over the past decade. That said, I was interested in the comments of Richard Quest, CNN’s lead economic anchor and a person who has visited Israel on several occasions.

Interviewed on Israel’s Channel 2 news programme last night, Quest pointed out that Fischer is a hard act to follow. However, Frenkel is also known in the international rooms of financial decision-making, such as the Bank of International Settlements and at JP Morgan. His words will carry a lot of weight when it counts.

And why is this good news for Israel? Given Jacob Frenkel’s wide knowledge, experience and global reputation, it be very difficult for local vested groups – the Prime Minister, the Treasury, unions, senior bankers or otherwise – to challenge his control and the thus independence of the central bank.