The economy is growing, but we do not observe economic agents – creditors and borrowers – acting irresponsibly (what we had prior to the financial crisis). I believe that other countries experiences, the ESRB framework and the policy instruments prove, if not the effectiveness, than at least their potential.
The main consequence of having too high non-performing loans is on profits because all those loans are not providing the revenue, so the NPL question is very important to indeed restore conditions of improved profitability so that they can then offer new credits to support the recovery. But despite the recovery of the eurozone, all these positive messages, we have many challenges ahead.