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 […]
Marina Moretti heads the Financial Crisis Preparedness and Management Division in the IMF’s Monetary and Capital Markets Department. Since joining the IMF in 1999, she has focused on crisis management and regulatory policy issues, and led Financial Sector Assessment Program missions in several countries. She was a member of the Financial Stability Board secretariat between 2008 and 2010.