While there is no question that, especially because of the positive effects of the recovery, banks should make clear progress in the management of NPLs, I would dare to evoke the great nineteenth century Italian writer Alessandro Manzoni, who in his masterpiece “I promessi sposi” had the Spanish Gran Canciller de Milán Antonio Ferrer say to his coachman during a famous riot in 1629: “Pedro, adelante con juicio”.
6  Looking forward: expectations for a safer and sounder industry, and open questions The financial crisis has spurred a global regulatory response influencing almost every aspect of the banking industry: lending, securities and derivatives trading, funding, bank supervision and resolvability.