We are also actively involved in international fora that are discussing solutions to the global crisis. Internationally, liquidity conditions remain difficult and the likely duration of the crisis in international markets remains uncertain. Accordingly, the outlook for the global economy  BIS Review 121/2008  1  remains uncertain.
As a consequence, NPLs don’t just weigh on credit institutions’ earnings; they also intensify solvency risk and obstruct economic activity in Europe. In this context, I would like to highlight the public consultation on the draft guidance to banks on NPLs which was initiated by the ECB and ran until yesterday.