The ECB’s Vice President Vítor Constâncio made a lucid, coherent and altogether applaudable speech on the critical need to get non-performing loans (NPLs) off of European bank balance sheets. This is an old problem and one that has hampered Europe’s growth for almost a decade. He used the bad bank idea, which is an old one, but presented it in a way that laid bare the need and mechanics for success.
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