Fiscal and monetary policy throughout the year supported economic activity through positive real spending and rising credit demand. Spending by households also benefitted from a rebound in wages, a recovery in net wealth and increased social transfers.
6 See Fell, J., M. Grodzicki , R. Martin and E. O’Brien (2016), “Addressing market failures in the resolution of non-  performing loans in the euro area”, Special Feature B in Financial Stability Review, ECB, November 2016. 7 See ECB (2016), “Stocktake of national supervisory practices and legal frameworks related to NPLs”,  September 2016.