It is quite telling that 85 years later, we – the grandand great-grandchildren of Keynes’ generation – seem to find ourselves in a situation similar to his. The ruptures of a great economic crisis have again prompted sometimes gloomy forecasts of our future growth prospects.
The current setting mirrors these differences in pace and drivers, as well as the specificities of national economies: some jurisdictions report double-digit NPL ratios, while others report much lower levels. In an integrated market, however, different ratios do not – cannot – mean different degrees of concern.