In December 2011, the Financial Stability Report first highlighted  1/7  BIS - Central bankers' speeches  the rising NPA levels. Subsequently, Central Repository of Information on Large Credits (CRILC), introduced in 2013 and AQR in 2015 revealed the scale of NPA problem.
Progress has so far been good: the European Commission estimates that, by the end of this year, the euro area as a whole will have a budget deficit below 3% of GDP. But this progress has also had costs in the short term: growth has turned out to be lower than forecast and unemployment has risen steeply.