SEPA has triggered an entire process of reforms which will further improve the functioning of the financial system. I am confident that corporates will play a role in creating a more innovative and integrated market. My “fellow countryman” Joseph Schumpeter coined the phrase “innovative entrepreneur” (schöpferischer Unternehmer).
, “Rents, technical change, and risk premia accounting for secular trends in interest rates, returns on capital, earning yields, and factor shares,” American Economic Review, 107(5), pp 614-20, 2017. [39] See  Brand, C., Bielecki, M. and Penalver, A. (eds), “The natural rate of interest: estimates, drivers and the challenges to monetary policy”, ECB Occasional Paper Series, No 217, December 2018.