In addition, significant institutional reforms have been initiated aiming at providing banks with a variety of means of reducing non-performing loans, such as the creation of a secondary market for distressed assets, an out-of-court settlement mechanism and e-auctions. According to incoming data, there has been progress since the beginning of the year in the area of banks’ non-performing exposures (NPE).
5  -4References Alesina, Alberto, and Lawrence H. Summers (1993). “Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence,” Journal of Money, Credit and Banking, vol. 25 (May), pp. 151−62. Bernanke, Ben S. (2010). “Central Bank Independence, Transparency, and Accountability,” speech delivered at the Institute for Monetary and Economic Studies International Conference, Bank of Japan, Tokyo, Japan, May 25, https://www.federalreserve.gov/newsevents/speech/bernanke20100525a.htm.