MAS, in partnership with the industry, has recently developed an Insurance Talent Development Framework, which maps out training and career progression pathways for both new entrants and existing insurance professionals. New industry-wide programmes will be launched in 2014 across a spectrum of roles and seniority levels. At the entry level, we will have two programmes. •  The Insurance Executive Assistant Programme (IEAP) will prepare diploma holders for junior entry-level positions. It will complement the GIP, which is targeted at university graduates. •  The Insurance Management Associate Programme (IMAP) will place and train top-tier fresh graduates through a structured apprenticeship programme. For existing industry professionals, there will also be two new programmes. •  The Insurance Specialist Programme will deepen participants’ specialist and technical knowledge in key functions such as underwriting and claims, as well as in specialist lines such as trade credit, political risks, aviation and marine risks. •  The Hi-Po Leader Programme will provide those with leadership potential with a series of programmes to prepare them for senior management roles in the insurance industry. The second critical success factor is Regulation. Strong prudential and regulatory standards have always been a source of Singapore’s competitive advantage as a financial centre. Through promoting sound risk management and a safe environment, regulation fosters confidence in the industry and helps attracts business. BIS central bankers’ speeches  5  Singapore was one of the early movers to a risk-based supervisory and capital framework for insurance, in 2005.

As you are all well aware, during 2018, the European Central Bank gradually scaled back the nonstandard monetary policy measures that it had introduced to combat the risks of a long period of low inflation and possible deflation. In January, the monthly purchases in terms of the Asset Purchase Programme were halved from € billion to € billion. They were halved again, to € billion, from October. The Governing Council currently anticipates that, subject to incoming data confirming the medium-term inflation outlook, the net purchases will cease altogether in December 2018. Indeed, even after net asset purchases have ended, monetary policy will continue to provide support to the euro area economy as the stock on Central Banks’ balance sheets will be maintained with the re-investment of maturing bonds. The ECB’s key interest rates remain very low, with the overnight deposit rate standing at -0.4%. The Governing Council expects them to remain unchanged at least through the summer of 2019. At the same time, the Governing Council will ensure that ample liquidity conditions will continue to prevail for as long as needed by reinvesting principal payments from maturing securities for an extended period of time. This combination of very low interest rates and ample liquidity should ensure favourable financial conditions for firms and households, underpinning economic activity, and should strengthen the sustained convergence of inflation to the target. Looking ahead, domestic demand will play an important role in economic growth. The prospects in this regard remain favourable.