Without Europe we would have been worse off, but if we were to antagonize Europe we would become so. We must work responsibly, constructively, and without prejudice to complete the Union, to help reinforce its institutions, and for the wellbeing of all.
And, as an ECB study shows, this premium is in turn partly driven by the amount of NPLs on a bank’s balance sheet.3 The more NPLs a bank holds, the less it lends to the economy. So, it was clear from the start that NPLs were not just a problem for banks and their supervisors.