Europe, Italy and the Supervisory authorities have implemented timely and important measures to deal with the Covid-19 crisis. Italian banks have made an extraordinary contribution to supporting the economy, as demonstrated by the amounts of secured loans and moratoria. But the current rules on Npls need to be improved: postponing the deadline by which moratoria can be granted without consequences, intervening on the new definition of default, changing calendar provisioning, streamlining European permits on the Gacs, defining homogeneous European rules for the creation of national Amcos, and favouring their interventions that are placed in agreed and authorised recovery plans.
