##ntial supervision. the exchange of information is not, therefore, a one - way street ; it results in a beneficial symbiosis of macroprudential and microprudential knowhow, which will strengthen germany as a financial centre. regarding the low - interest rate setting : how will you collaborate specifically on this issue? hufeld : this issue demonstrates the importance of our cooperation. we can draw a reliable and comprehensive picture of the situation only if we take due account of both the relevant macroeconomic and macroprudential factors and the individual insurers ’ particular circumstances. and the ongoing period of low interest rates naturally also plays an important role in the financial stability committee. we must, therefore, grapple with a difficult subject at the very outset of our collaboration. however, i am sure that will only strengthen our cooperation. dombret : the current low - interest rate setting is making itself felt in all financial sectors. credit institutions and insurers must take this into account in their business plans. as the bundesbank has, for some years, been observing the effects of the low - interest rate environment on the financial system and, not least of course, on life insurers, i expect our cooperation with bafin to prove fruitful in this field, too. another key issue from both a macroprudential and a microprudential perspective is that of systemic relevance. the financial stability board ( fsb ) recently ranked nine insurers as global systemically important insurers ( see link below ). how important do you think this step is? dombret : the publication of this first list of global systemically important insurers marks another step on the path towards a more stable financial system. banks are not the only entities that can be systemically important – market infrastructures and insurers can be, too. the main factors determining an insurer ’ s systemic importance are, first and foremost, its interconnectedness within the financial system and the size of its non - traditional and non - insurance business. i therefore fully support the fsb ’ s recent move. however, it is clear that we still have a considerable way to go. we must now specify and finalise the regulatory consequences associated with this ranking. that will not be easy. just think of the challenge of creating, for the first time, a harmonised international basis for imposing potential capital surcharges in the insurance sector. hufeld : it is good

from first quarter of 2011, indicates forecast. sources : central bank of chile and national statistics institute ( ine ). bis central bankers ’ speeches figure 9 inflation deviations from target ( percentage points ) u. k. thailand indonesia turkey chile brazil canada u. k. israel peru mexico n. zealand colombia hungary czech rep. poland s. korea south africa australia philippines switzerland sweden eurozone norway israel n. zealand indonesia brazil s. korea canada thailand hungary poland mexico eurozone philippines australia colombia peru sweden czech rep. chile switzerland south africa norway turkey - 2 - 1 - 2 - 1 ( 1 ) harmonized series. ( 2 ) spot inflation at fourth quarter 2010. ( 3 ) inflation projected by march's consensus forecasts. for chile, baseline projection in march 2011's monetary policy report. sources : bloomberg and consensus forecasts. figure 10 incidences on annual cpi inflation ( 1 ) ( percentage points ) - 3 othe r ( 64. 7 % ) fre sh fruits and ve ge table s ( 2, 9 % ) foodstuffs w / o fre sh fruits and ve ge table s ( 21. 3 % ) fue ls ( 5. 7 % ) public utilitie s ( 5. 4 % ) total - 3 ( 1 ) gray area, as from first quarter 2011, indicates breakdown of inflation forecast in baseline scenario. ( 2 ) in parentheses, shares in cpi basket. sources : central bank of chile and national statistics institute ( ine ). bis central bankers ’ speeches figure 11 average forward inflation compensation based on swap rates inflation expectations ees and fos ( * ) ( percent ) ( moving weekly average, percent ) fos one year ahead ees at dec. 11 eee a dos anos fos two years ahead ees one year ahead 3 in 2 5 in 5 1 in 1 ( * ) the fos considers the survey of the first half of the month. only for march, the second half is also considered. source : central bank of chile. table 3 impact on gdp and inflation of a us $ 10 increase in the oil price ( * ) ( percentage points ) fmi ocde pib united states eurozone japan emerging asia - exc. japan china latin america world inflacion - 0. 6 - 0. 4 - 0. 2 - 0. 2 - 0. 8 - 0. 8 - 0. 2 - 0. 4 consenso de mercado pib 0.