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Tuesday 10/10/2023

This article uses selected results of the Digital Payment Barometer – an annual, nationally representative survey among more than 1,100 Belgians – to document that there is a ‘payments divide’. We use this term to refer to a situation where the majority of Belgian consumers are comfortable with – and increasingly use – electronic payment instruments at the Point of Sale but where, at the same time, there is a non-negligible minority who still prefer cash. These consumers also exhibit a strong resistance against the advent of a cashless society. Worryingly, over the period 2020-2023 this divide has only become bigger. We also show that there is a regional dimension to the divide.

Tuesday 10/10/2023

Belgium has reached a tipping point towards digitalisation. In payment habits, this evolution results in a decline in the use of cash and an increase in the use of electronic payment means. To guarantee the access to cash, the Belgian banking sector concluded an agreement with the federal government on 31 March 2023. However, the main challenge is (and should be) to close the digital gap. Too many citizens are ‘digitally vulnerable’ and risk to be excluded from the (digital) society. Therefore, the banking sector is striving for more digital inclusion and is taking various initiatives to bridge the digital divide.

Tuesday 10/10/2023

The National Bank of Belgium (NBB) publishes yearly a Financial Market Infrastructures (FMIs) and Payment Services Report which provides for the preceding year a detailed overview of changes in the regulatory framework for FMIs, custodians, payment service providers and critical services providers, the evolution of their activities and the Bank's approaches to oversight and prudential supervision.

A number of significant FMIs (SWIFT, Euroclear, Bank of New York Mellon, Mastercard, Worldline) with international relevance are vested in Belgium and the report establishes transparency by clearly defining, and disclosing the regulatory, supervisory, and oversight policies with respect to these systems and institutions.

Also trends with regards to national payment systems and services are depicted and the annexes provide statistical time series on the FMI activities and the payments eco system. This year’s publication incorporates a few topics deserving specific attention which are summarized in this article: the impact of the Russian invasion of Ukraine, the digital euro project, climate risk and cyber & IT risks.

Tuesday 10/10/2023

In today's digital landscape, cyber security is a pressing concern for executives and organizations. Understanding common vulnerabilities and misconfigurations is crucial for effective risk management. Weak passwords and phishing attacks pose significant threats that can be mitigated through strong passwords and user education programs. Misconfigurations, such as unchanged default settings, can be addressed through regular software updates and maintenance. Implementing secure protocols like HTTPS and VPNs safeguards against insecure network connections. The principle of least privilege and access permission reviews help prevent unauthorized access. Regular data backups, coupled with off-site or cloud storage, ensure resilience against ransomware attacks. Updating and retiring unsupported software reduces vulnerabilities. Executives must prioritize user awareness and training to foster a secure environment and protect valuable assets.

Tuesday 10/10/2023

In this paper the vision of the “Young” and “Elder” Lamfalussy on the origins of instability in capitalist economies will be contrasted. The young Lamfalussy found the origins of instability in medium-term cumulative processes in the real sector of the economy, very much inspired by the vicious circles in the British and Belgian economies in the postwar period. The Elder Lamfalussy focused on financial innovations and the short-term myopic behaviour of financial markets, very much inspired by his experience of the Latin American debt build-up and ensuing crisis in the early 1980s. The Euro area crisis showed the importance of both processes, as it was the consequence of both short-term myopic behaviour in financial markets and medium-term cumulative processes in the real sector.

Tuesday 19/9/2023
Steven Vanackere

On 31 May 2023, the National Bank of Belgium published its Financial Stability Report and its Macroprudential Report. Recent macroprudential policy decisions have been taken in an uncertain environment characterised by a clear tightening of monetary policy. Rising interest rates have led to a turning point in the credit and real estate cycles. The first half of 2023 was also characterised by turmoil on the financial markets amidst concerns of vulnerabilities in certain segments of the US and Swiss banking sectors. In this regard, the Belgian banking and insurance sectors proved resilient. Belgian banks are indeed different in certain important respects from the US and Swiss institutions which had to be supported. There is however no room for complacency as risks that remained below the waterline when interest rates were low could materialise. Against this backdrop, macroprudential policy in Belgium has a number of objectives: to operate in a countercyclical manner while preserving the resilience of the Belgian financial sector and to encourage the maintenance of sound lending policies without unduly curbing credit cycle dynamics. The reports’ recommendations highlight, amongst other issues, the role to be played by the financial sector in supporting the economy and the need for banks and insurance companies to continue to prudently manage the interest rate and liquidity risk inherent in a period of rising interest rates.

Tuesday 19/9/2023
Leen Van den Neste

In recent years, the macroeconomic environment has presented plenty of challenges. The Belgian and, by extension, European banking sector was able to meet these challenges well. This in terms of both solvency and liquidity. It will continue to be a challenge to keep credit risks at a healthy level. Furthermore, it remains an urgent matter for the sector to invest in solutions that ensure a low-carbon, sustainable and foremost social planet. Profitable banks can build up buffers to overcome  lesser periods and keep investing in their clients and in digitization. Regulators and legislators should take this into account when aiming for common goals: financial stability in a thriving society.

Tuesday 19/9/2023
Jan Vermaut

On June 29th, 2023, Ms Fabregas Fernandez, director at the Recovery and Resilience Task Force at the European Commission, presented the state of the Recovery and Resilience Plans of Member States. She is in charge of the Recovery and Resilience Plans of 12 Member States and is therefore well placed to present the implementation of the 27 Member States of the European Union.

This article highlights the main topics.

Tuesday 19/9/2023
Dermine / Noël / Vanheuverzwijn

This paper builds upon a presentation of the state-of-play of the National Recovery and Resilience Plan (“NRRP”) of Belgium delivered by Secretary of State Dermine at the National Bank of Belgium on 29 June 2023. It also covers more widely the topic of the financing of strategic investments in Belgium and Europe, including beyond the term of the Resilience and Recovery Facility (“RRF”) at the end of 2026.

Tuesday 19/9/2023

This is the non-technical summary from the ECB occasional paper published in March 2023 by the international Relations Committee workstream on Open Strategic Autonomy. This report was extensively presented by Isabel Van Steenkiste, Director General for International Affairs ECB, during an event at the National Bank of Belgium, June 12th, 2023.

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