6  L. Bini Smaghi, “The Challenges of Surveillance and Coordination,” speech delivered at the International Symposium of the Banque de France, Paris, 4 March 2011. BIS central bankers’ speeches  3  Capital flows will move to hasten that adjustment, which leads to the second policy challenge.
The result of these measures is the reduction in the NPL ratio by over 10 percentage points since the Strategy adoption, which is the lowest ratio for the past almost nine years, to be more precise, after January 2009. Credit activity growth, with lower interest rates, supported economic growth as well.