Yet activism did not apply to financial risks except in an entirely ex post fashion: proponents of policy “activism”  2  See Blinder, A.S. and Reis, R. (2005), Economic Performance in the Greenspan Era: The Evolution of Events and Ideas, paper presented at the Federal Reserve Bank of Kansas City Symposium on “Rethinking Stabilization Policy”, Jackson Hole, Wyoming.
In parallel, however, banks need to adopt a more active NPL management policy, focusing on long-term solutions, multi-creditor workouts and restructuring of viable companies, with the participation of shareholders. During the protracted period of the crisis, the private sector has paid a high toll.