But that is not to say that there has not been considerable progress. NPLs in the Irish retail banking system declined from € in 2013 to € by the end of 2017xi.
In the United States, concern over fiscal consolidation has not dissipated in financial markets even though the debt ceiling problem has settled for the present, and views on the economic outlook have become more cautious. The sovereign debt problem in peripheral European countries still warrants attention and emerging economies face the challenge of achieving price stability and economic growth at the same time.