Let me be clear: this is not a short-term concern. The Governing Council expects our key policy rates to remain at their present levels for an extended period of time, and well past the horizon of our net asset purchases.
The most recent developments concern: the regulatory framework for the authorisation and supervision of credit servicing and credit acquiring firms; the modernisation of bankruptcy law; the shift of banks to long-term workout solutions and the requirement that banks meet specific operational targets in terms of non-performing loan management. The target is for non-performing loans to be reduced by nearly € billion by end-2019.