Since a scenario in which a low interest rate environment extends for a long time into the future cannot be ruled out, it is important to assess its possible impact on financial institutions in order to identify the appropriate responses. The main vulnerabilities for life insurance companies and pension funds would result from maturity and yield mismatches between assets and liabilities.
Economic growth and strong credit expansion in these countries have resumed after a brief pause. For them, an important question is whether the momentum can be sustained. Based on the lessons from the crisis, a key priority for these countries should be to prevent a build-up of imbalances that could threaten financial and  2  BIS central bankers’ speeches  macroeconomic stability.