Indeed, CEIOPS and the ECB have a common interest in safeguarding financial stability. I would like to express my gratitude to the organisers for providing me with the opportunity to explain why I consider the role of CEIOPS to be very important in achieving this objective.
The ECB considers financial stability as an important precondition for an effective transmission of monetary policy and for a smooth operation of payment systems. Moreover only a stable and healthy financial system fosters economic growth through an efficient allocation of savings to investment opportunities. The strengthening of the regulatory and supervisory frameworks of the insurance and pension fund sectors contributes to this aim.