Nonetheless, concerted action is needed by all stakeholders to ensure the sustained and determined reduction of the NPLs across the euro area. While the road may be hard, we must have the patience and resolve to do what is necessary. 1  I would like to thank Trevor Fitzpatrick and Mícheál O’Keeffe for their contributions to this speech.
The opinions expressed are personal and do not reflect the views of the European Central Bank. 2 Both the draft guidance and the stock take can be found here. 3  See for example Beck, Roland, Petr Jakubik and Anamaria Piloiu (2015). Non-performing loans: what matters in addition to the economy cycle. ECB Working Paper Series No 1515. February 2015.