Another view that has recently been put is that it was excessively loose monetary policy rather than saving/investment imbalances that was at the heart of the problem. This view is generally bolstered by some reference to excessive liquidity, although the concept is left undefined. I do not find this argument at all convincing.
Where in some cases, anecdotes are being used as evidence, one of the group’s key recommendations was that policy discussion in the area of insurance should be supported by independent and reliable statistics.4 The Central Bank was tasked with this job and we have worked to address this data gap in the motor insurance market through the establishment of the National Claims Information Database (NCID).