Comments on ECB strategy review

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      <subfield code="a">Comments on ECB strategy review</subfield>
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      <subfield code="a">Insurance Europe would like to take the opportunity to share its views on the European Central Bank's (ECB) ongoing strategy review. Interest rates are of very significant relevance for the insurance industry, as they impact product offering, as well as the measurement of insurers' balance sheet positions and, more broadly, their solvency ratios. The insurance sector agrees that a loose monetary policy was an appropriate reaction to the global financial crisis, as well as to the euro-area debt crisis. With the COVID-19 pandemic severely affecting the economy, responses also need to be timely, targeted and strong. However, they must be temporary. The ECB strategy review should therefore include a strategy to exit loose monetary policy measures as quickly as possible. Market participants and governments should know that central bank support can only be temporary. </subfield>
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