This is the speech given by Mr. Jacques de Larosière during the VILLA VIGNONI Euro-Workshop on 16 September 2021
Since the outbreak and global spread of COVID-19, central banks and governments worldwide have provided massive stimulus to the economy. Looking ahead, however, the question rises whether monetary policy by central banks and fiscal policy by governments will be able to respond with the same vigour and effectiveness to future crises, given structurally low interest rates and higher government debt. This article takes a closer look at the different options to build back fiscal buffers. Do countries need forceful consolidation, can countries grow out of debt or should central banks simply cancel the debts? The analysis is two-fold. The first part empirically assesses the potential of some traditional avenues to bring public debt dynamics in Belgium under control. The second part is more conceptual, critically evaluating the rather heterodox proposal of cancelling government debt on the central bank balance sheet.
Though the EU is simultaneously a free trade area, a single market and (for most of its Member States) a currency union, it is still characterized by poor economic integration and significant cultural differences between its Member States. These features argue against the Next Generation EU budget that became a reality last year. This budget implies a significant increase in net fiscal transfers between EU member states, to be financed by joint debt issuance. Given the poor economic integration of the EU, federal fiscal modesty is in order, unless one wants to adopt the Belgian model, with permanent fiscal solidarity between north and south and little prospect of economic convergence.
Report by Frank Lierman, president of the Editorial Committee of Bank- en Financiewezen, of the Belgian Financial Forum Webinar given by Stijn Baert, professor at the University of Ghent on 15 of September 2021.
Verslag van de Webinar van prof Stijn Baert van de universiteit Gent voor het Belgisch Financieel Forum op 15 september 2021, opgesteld door Frank Lierman, voorzitter redactiecomité van bank- en Financiewezen.
This article is based on the interventions of Jean Hilgers (National Bank of Belgium) and Professor Hans Degryse (KU Leuven) during the Webinar on the Macroprudential and Financial Stability Report of the National Bank of Belgium (June the 3rd, 2021).
Report of the speech given by Francesco Mazzaferro, Head of the ESRB Secretariat, during the Belgian Financial Forum Webinar on May 27, 2021. Prepared by Frank Lierman, Chairman of the Editorial Board of the Revue bancaire et financière/Bank- en Financiewezen
Belgium hosts a number of significant financial market infrastructures, custodians and critical service providers, some of which also have a systemic relevance internationally. This article aims at providing an overview of the impact of the COVID-19 pandemic on the business activity of the Belgian institutions that are relevant for the international post-trade sector: the international central securities depository Euroclear Bank, the global custodian BNY Mellon SA/NV and the financial messaging services provider SWIFT. We compare among others the evolution of the number and value of transactions and the assets under custody in 2020 with the pre-pandemic year 2019 to identify what was the impact of the COVID-19 crisis and whether this was temporary.
On June the 8th 2021, the Belgian Financial Forum and the Union Wallonne des Entreprises co-organised a Webinar on the financing of the Walloon enterprises in the aftermath of the COVID crisis. This article is based on the interventions during this Webinar.
This article is based on the intervention (in the form of an interview) of Jean-Pierre di Bartolomeo, President of the Executive Committee of the SOWALFIN Group, during the Belgian Financial Forum webinar on enterprise financing (June the 8th, 2021).
This article is based on the intervention of Arnaud Navez, CFO of Argafin, during the Belgian Financial Forum Webinar on enterprise financing (June the 8th, 2021).