Within the comprehensive strategy, there may be a role for national governments to support the correction of the NPL market failure. Necessary structural reforms may require a lot of time to yield fruit and to earn credit with investors.
This is a very tangible issue also in Italy, where recent reforms of the debt enforcement claims have not yet produced the expected results, and therefore have not influenced NPL prices to the desired extent. Asset management companies (AMCs) may aid in correcting the market failure.