[14] See Kalemli-Özcan, S. Laeven, L. and Moreno, D. (2019), “Debt overhang, rollover risk, and corporate investment: evidence from the European crisis”, Working Paper Series, No 2241, European Central Bank. See also Duval, R., Hong, G. H., and Timmer, Y. (2020), “Financial frictions and the great productivity slowdown”, The Review of Financial Studies, Vol, 33(2), pp. 475-503.
*  *  *  Review - seven years of “The ECB and its watchers” Ladies and gentlemen, it’s a real pleasure for me to give you a short review of the ECB watcher conferences over the period from 1999 until today. Most of you will know that I myself organised this event from 1999 until 2003.