"He was willing to use interest rates as a tool. Previous governors saw interest rates only as a way to battle inflation. He also used them to prevent unemployment and recession," Plocker said."No man is irreplaceable, but his departure is a huge loss to the Israeli economy," he said. Fischer faced some criticism from those who said his low interest rate policy contributed to a surge in Israel's housing prices. Plocker countered that the effect was negligible, and a lack of supply was the main cause of the housing crisis. His successor will face significant challenges, including the still skyrocketing real-estate market, shielding the country from the European economic crisis and coping with a larger than expected government deficit that could well bring deep cutbacks.