Consequently, fiscal reconstruction is likely to be a painful and time consuming process and financial markets are likely to remain wary of the sovereign risks of these five countries and the credit risks of financial institutions with large exposure to them.
This is a topic that definitely gets to the heart of some European countries given the underlying link with the significant increase in non-performing loans during and in the aftermath of the global financial crisis. Let me conclude. Macroprudential authorities have been increasingly active in promoting financial stability, despite facing multiple challenges throughout their relatively short existence.