Vítor Constâncio: Resolving Europe's NPL burden - challenges and benefits Keynote speech by Mr Vítor Constâncio, Vice-President of the European Central Bank, at an event entitled "Tackling Europe's non-performing loans crisis: restructuring debt, reviving growth", organised by Bruegel, Brussels, 3 February 2017.
* * * I am grateful for this opportunity to speak on the important issue of NPLs in European banks at the invitation of Bruegel, a think-tank doing such significant work in shaping economic thinking in Europe. My remarks today will be on the euro area non-performing loan (NPL) problem and on the policy response that would be needed from a macroprudential perspective.