Persistently high non-performing exposures (NPLs) in several European countries pose significant challenges to financial stability and are likely weighing on credit growth and economic activity. This paper, which summarizes a detailed IMF analysis (IMF SDN/15/19), examines the structural obstacles that discourage European banks from addressing their problem loans. It argues that a comprehensive approach comprising […]
Anna Ilyina is a Division Chief (Poland-Baltics) in the European Department at the International Monetary Fund (IMF). Previously, she headed the Emerging Economies Division in the IMF’s European Department and was responsible for the production of the biannual Regional Economic Issues Report on Central, Eastern and Southeastern Europe. In recent years, she also worked on the IMF’s Global Financial Stability Report, on the IMF’s Early Warning Exercise and on a range of countries. Her research interests include growth and financial development, macro-financial linkages, international economics, financial stability and cross-border spillovers. She has publications in the Journal of Monetary Economics and in the Journal of Money, Credit and Banking, among others. She holds a Ph.D. in Economics from the University of Pennsylvania.