It is too early to judge whether most of the eurozone countries with high levels of non-performing loans (NPLs) have undertaken sufficient reforms, the European Central Bank (ECB) says.

Changes in high-NPL jurisdictions over the last year have been, “with some exceptions, incremental in nature”, the bank says in its second “stocktake” of eurozone NPL regimes. Consequently, it is “too early to assess their effectiveness”.

The ECB also cautions that, even in those countries undertaking NPL