If he is elected, Bank of Israel Governor Stanley Fischer may soon leave us for the top spot at the IMF, even though he is still at the beginning of his second term. This should come as no surpise. When Dominique Strauss-Kahn was forced to resign in the wake of shameful allegations of rape, governor Fischer's name emerged right away as a top contender to replace him. In the past, Fischer served as first deputy managing director of the IMF, but his chances of being appointed its head are now doubtful, for two reasons.The first is technical: At 67, he is two years older than the age threshold of 65 stipuated by IMF regulations. The second is substantial: every past IMF head has been European. In any case, Fischer's candidacy leaves those of us in Israel disappointed. There's still a significant chunk of time left in his term (till May 2015). True, Fischer did more than hint that he had no intention of completing his term, but why is he leaving us so soon- Fischer's possible departure raises a host of questions with no easy or clear answers. First, who will replace him? Fischer is widely regarded as one of the world's top economists, a player in the world financial big leagues. His name opened doors for Israel. Everyone knows that entry into the exclusive club of economic decision-makers depends not only on your country's dry economic statistics but on personal connections, whom you know. A governor of Fischer's ilk contributed to Israel's economic stability in a very substantial way. Finance Minister Yuval Steinitz has said that he does not currently have a candidate to replace Fischer. It is quite possible that just as then-Finance Minister Netanyahu surprised us with Fischer's appointment in May 2005, there could be another pleasant surprise in the pipeline. But it's doubtful. The chances of finding an economist with an international reputation, relevant economic experience and a willingness to endure friendly slaps on the back in Knesset are not very high. There aren't many people with those qualifications. On the other hand, despite his proven talent, Fischer was not a perfect governor. A wise long-term strategy might be to promote candidates from within the Bank of Israel. After the global financial crisis broke out, Fischer insisted on lowering the interest rate to 0.5 percent. Some people say that this is what created the real-estate bubble, which the bank is now trying to rein in with great difficulty. In addition, after the dramatic interest rate reduction, Fischer has now implemented a sharp interest rate increase, which may abruptly stop the economy's growth and cause other problems as well. To his credit, Fischer fought an uncompromising war to preserve the stability of Israel's banking system, leading the struggle to oust Bank Hapoalim chairman Danny Dankner. But he seems to be having trouble conveying a resolute message to the banking system: stop giving out mortgages in such a generous way. Raising the interest rate hasn't helped, nor have a series of measures by the Supervisor of Banks. There is a sense of overconfidence among Israel's financial elite these days, a feeling that real estate prices will keep going up forever. This overconfidence is reminiscent of that experienced by Americans and Europeans in 2006 and 2007. Needless to say, it's a very problematic feeling. The bottom line is that if and when Fischer leaves, Israel will have a problem. We must prepare for that day and come up with potential successors. It's something the government will have to deal with sooner or later, in any case.