It is also no small matter to have established a system of higher education as good as that in Israel. But the university system is under serious strain. At one time almost all Israelis who went abroad for Ph.D's returned. Now most do not. That is partly a matter of relative salaries, it is also a matter of the unavailability of positions.
For monetary policy, whose only instrument is the interest rate, the Tinbergen principle means that there may be also only one target: Price stability. In the three decades prior to the outbreak of the financial crisis in 2007, many countries did indeed issue their central banks with narrower mandates geared towards price stability. At the same time, monetary policy-making institutions became more independent.