EIOPA has also recently published a common supervisory culture 4 document, in which it describes the key characteristics of high quality and effective supervision. Central Bank of Ireland in context of European Supervisory Framework This backdrop is important context to the Central Bank’s approach to regulation and supervision of the insurance sector.
There are many accounts being written now of what central banks got wrong, that made the ongoing inflation surge possible. Reading them, I realise that despite the criticisms – we at the SARB are sometimes attacked for not being adventurous – it is clear that when central banks do become adventurous the consequences can be even more unpopular.