As you know, there is an increasing worldwide demand for transparency to be strengthened, also triggered by the financial crisis. This, in turn, impacts on financial reporting and how it is tackled, as well as on the way in which governance issues are presented. One aspect that the ECB has paid particular attention to in recent years is the development of its management report.
Loukas has made important contributions in a number of areas but today I would like to focus on his work to improve our understanding of key macroeconomic trends such as the decline in the share of national income that goes to remunerating workers – known as the declining labour share – the low level of capital investment and the rise of corporate savings.