Institutional investors play a pivotal role in this structural evolution. At the European  7  8  9  Scharfstain, D. S., “Presidential Address: Pension Policy and the Financial System,” The Journal of Finance, 73 (2018), 1463–1512. McCahery J. A., Z. Sautner and L. T. Starks, “Behind the Scenes: The Corporate Governance Preferences of Institutional Investors,” The Journal of Finance, 71 (2016), 2905–2932.
Carl-Ludwig Thiele: Industry Dialogue on "Distributed ledger technology - potential benefits and risks" Introductory statement by Mr Carl-Ludwig Thiele, Member of the Executive Board of the Deutsche Bundesbank, at the G20 conference &quot;Digitising finance, financial inclusion and financial literacy&quot;, Wiesbaden, 26 January 2017.