31  See Tobias Adrian and Nellie Liang (2014), “Monetary Policy, Financial Conditions, and Financial Stability,” Federal Reserve Bank of New York Staff Reports 690 (New York: Federal Reserve Bank of New York, September; revised December 2016), https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr690.pdf. The Economic Outlook and Monetary Policy Jerome Powell Member Board of Governors of the Federal Reserve System February 22, 2017  1.
Research suggests that effective restructuring and resolution regimes incentivise banks to grant credit prudently and can therefore improve economic growth.13 Progress has been made with regard to the reduction of non-performing loans on the books of euro area banks. But more needs to be done to resolve this issue as quickly as possible.