We need not recite the words of Schumpeter, a prominent economist in the 20th century, to know that one of the important driving forces promoting economic growth is innovation by entrepreneurs.
The speed with which these features have been conceived and implemented is of course to be applauded and many of the people in this room have been important contributors to the rolling-out of this new central banking architecture. However, such rapid and large-scale responses often leave us vulnerable to “blind spots”, unintended consequences and implementation challenges.