As a reminder, following the 2008 crisis, within the span of four years over 600 thousand jobs were lost in both formal and informal labour market segments. Also, the share of NPLs in total loans was cut to 3%, which is their lowest level and 1.1 pp lower than pre-pandemic.
3  Article 127.1, TFEU. 2  BIS central bankers’ speeches  In line with our mandate, we have used a broad range of our instrument independence to confront downside risks to inflation and achieve price stability. But equally, we have deployed only tools that are in line with our legal framework.