A more dynamic response during the first years of the crisis, by implementing the necessary legislative changes much earlier and introducing a centralised asset management framework for NPLs as other Member States have done, could have reduced the problem we face today.
The rise in food and fuel prices coupled with the impact of currency depreciations have been important sources of inflationary pressures in many countries. The current uncertainties in the global financial  BIS central bankers’ speeches  5  environment and their associated impact on currencies may continue to pose a major threat to inflation outcomes in many countries.