24  T. Piketty, Le capital au XXIe siècle, Paris, Seuil, 2013; English translation, Capital in the Twenty-First Century, Cambridge, Mass., Harvard University Press, 2014. 25  The issue is broached with force in Friedman, op. cit. See also L.H. Summers, “Economic Possibilities for our Children”, NBER Reporter, 4, 2013, and T.B. Atkinson, “After Piketty”, British Journal of Sociology, 65, 4, 2014.
1/3  BIS central bankers' speeches  These positive developments have been further supported by the second series of targeted longer-term refinancing operations, which have led to banks passing on the favourable funding conditions to their customers.2 For more details on the impact of the TLTROs, see European Central Bank (2017), “The targeted longer-term refinancing operations: an overview of the take-up and their impact on bank intermediation”, Economic Bulletin, Issue 3, Box 5.