The question is one of calibration – whether, in view of the increasing headwinds we have faced since the summer and the impact they are having on the balance of risks for inflation going forward, the calibration of the monetary stance decided in January is still sufficient now to ensure a return of inflation towards our objective, and without undue delay.
For us, that means that we use the data provided by BaFin to assess the stability of the financial system as a whole from a macroprudential view. BaFin, in turn, uses our data and insights to effectively supervise insurers and thus ensure that they can honour their contracts on a long-term basis.