A number of important reforms have been implemented in this regard, aiming to provide banks with an array of tools to tackle this challenge, including a strengthening of the supervisory framework by setting operational targets for NPL reduction, the creation of a secondary NPL market and the removal of various legal, judicial and administrative barriers to the management of NPLs (see Bank of Greece, 2018).
As so often in recent years, I will take, as my starting point, the global crisis of 2009–2010, and the risk reassessments that banks, investors, researchers and decision-makers all over the world were forced to make as a result of the crisis. Legacies of this crisis amid continued globalization is significantly reshaping the global and regional economic and financial landscape.