Given the ongoing turmoil in the global financial system and the related risks for the world economy, the topic of this seminar is well chosen and timely. Three closely interlinked developments are currently shaping events. The public focus is, of course, first and foremost on the financial crisis.
Concerted action on this issue is needed from all stakeholders in the euro area over the coming years. Conclusion As the recovery in the euro area growth continues at a moderate but steady pace, this should assist the capacity to address the problem of non-performing loans.