"Currently the most important issue here is tackling non-performing loans," Draghi, an Italian, told an ECB conference. "We therefore need a joint effort by banks, supervisors, regulators and national authorities to address this issue in an orderly manner," Draghi said. His comments raised the chance the ECB's guidelines on legacy loans will be influenced by a legislative proposal that the European Commission is preparing in parallel on the matter, as reported by Reuters last month. Speaking after Draghi, the ECB's chief supervisor Daniele Nouy sought to assuage those fears, stressing the approach to legacy loans will be "case by case". Sources had told Reuters the ECB was rethinking its approach to legacy NPLs, due in part the Italian backlash.

Source: Times of India November 07, 2017 11:48 UTC