PARIS (Reuters) – Monetary policy must remain loose in the face of the deteriorating global economic outlook and uncertain events like Britain’s departure from the European Union, ECB policymaker Francois Villeroy de Galhau said on Friday.

Villeroy, who is also governor of the French central bank, told the French insurers’ federation that he was not deaf to concerns about low interest rates, which hit insurers particularly hard, but still insisted low rates were warranted.

“This context of prolonged uncertainty requires accommodative monetary policy. It would not make sense to raise rates now,” Villeroy told the conference.

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