In predominantly bank-based economies, cyclical changes in investment seem to be shallower, perhaps because such systems provide greater support to firms in the face of temporary changes in demand. Hopefully, these first thought-provoking results from the IMF will serve as an appetiser for further research. But they also prove that theory is still divided over the desirable characteristics of financial systems.
Christine Lagarde: Welcome address Welcome address by Ms Christine Lagarde, President of the European Central Bank, on signing the euro banknotes, Frankfurt am Main, 27 November 2019. * * * I’m honoured to be here to sign the euro banknotes, something that has become a customary ritual for the beginning of each ECB presidency.