further towards our target, since it will increasingly dampen demand. taking into account our updated assessment of the inflation outlook, the dynamics of underlying inflation, and the strength of monetary policy transmission, the governing council decided yesterday to raise interest rates again by 25 basis points. that means we have now raised rates by 400 basis points in less than a year. this is testament to our determination to ensure that inflation returns to our 2 % medium - term target in a timely manner. 1 / 2 bis - central bankers'speeches we also confirmed that our future decisions will ensure that the key ecb interest rates will be brought to levels sufficiently restrictive to achieve a timely return of inflation to our 2 % medium - term target and will be kept at those levels for as long as necessary. in other words, we still have ground to cover. barring a material change to our baseline, it is very likely that we will continue to increase rates at our next policy meeting in july. thereafter, we will continue to follow a data - dependent approach to determining the appropriate level and duration of restriction. in particular, our interest rate decisions will continue to be based on our assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission. the governing council also confirmed that it will discontinue the reinvestments under the asset purchase programme as of july 2023. 2 / 2 bis - central bankers'speeches

is one that is based on a relationship of trust and integrity. reputation and trust are indeed the valued assets of the insurance and takaful industries'business. any lapses in market conduct will have widespread implications on the business and on the industry. ensuring fair and equitable dealings with customers should also be a priority. in this environment where the industry originates more and more innovative and complex financial solutions, insurers and takaful operators therefore have a responsibility to ensure that : • consumers receive sufficient information to be able to make informed decisions ; • that they understand the key features of a policy, including any significant exclusions, before any purchase ; • that the recommended policies are suitable for their demands and needs ; and • that their claims are dealt with promptly and fairly. the new environment of increased market discipline now places even greater emphasis on stronger corporate governance, integrity and transparency. high standards of integrity should also define the management of the institution's human and physical resources. in this respect, there can be no substitute for the commitment of an institution's leadership to uphold the highest standards of integrity in dealing with its human capital and corporate resources that are managed on behalf of shareholders and policyholders. achieving success in an environment of greater competition will hinge on the ability of the domestic industry to innovate and provide enhanced value propositions for consumers. this underscores the importance of capacity building by industry players in research and development, and re - engineering of business processes in search of operational excellence and enhanced customer service delivery. a strong culture of excellence is therefore vital : one that is embedded into all levels of the organization ; one that fosters and rewards innovation and service quality. increasingly, highly - skilled individuals will be needed to be able to deliver high value - added products and services, adopt advanced business practices, and have the necessary competencies to build consumer confidence and trust. it is, therefore, crucial for the industry to continuously invest in human intellectual capital to create the pool of talent, skills and expertise that will drive the performance of the industry. to meet this demand, specialised training organisations have been established. they include the international centre for leadership in finance ( iclif ), which is now in its 3 rd year of operation, and the recently - launched international centre for education in islamic finance ( inceif ). the programmes carried out by the malaysian insurance institute ( mii ) have also been reviewed to meet the evolving demands of the financial sector. as we move towards the