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  • Lundi 30/5/2022

    This article analyzes the behavior of Belgian retail investors over different age categories. It highlights five distinct features of the younger investors aged 18 to 30. First, the stock market keeps on attracting new and young investors. Secondly, younger retail investors show great interest in investing in exchange-traded funds (ETFs). Thirdly, the younger generation applies a more international outlook in its investments than older generations. Fourth, young investors are net purchasers of stocks and hold these investments for a longer period than other groups. Finally, even among younger investors, active retail investors are predominantly male.

  • Lundi 30/5/2022

    This is the speech given by Philip R. Lane, Member of the Executive Board of the ECB, at Bruegel (Brussels, 5 May 2022).



  • Lundi 30/5/2022

    The developed world is almost liberated from covid-19. This does not mean that we will be reliving the roaring 20's, or the very fast growth after the second world war. However, we are also a long way from the dire situation after the Great Financial Crisis that had left major scars in the economy. Economic scars from the pandemic are minor compared to the scars left by the GFC.

    If we get it right, the reopening and the recovery of the economy - for which a soon returning peace in Ukraine is a prerequisite - could be the harbinger of great things to come. Possibly we are facing a regime change, a reset of the economy rather than a simple reboot. Comparison with the post-war recovery is popular. After the two world wars, the infrastructure had to be rebuilt. This time it needs to be thoroughly adapted to meet the climate challenge. This will require major public investments and adjustments to corporate production. Although a population explosion and a huge increase in credit are unlikely (two important growth engines during the post-war periods), an increase in investment - for a speedy energy transition - and productivity - increased technology investment by a broader range of companies during the covid period - are possible. The government will have to take on an important role here and lead by example. In this way, we can turn the necessary energy transition into an opportunity to put growth on a faster path compared to before the pandemic.

  • Mardi 8/2/2022
    Bisciari / Gelade / Melyn

    This article analyses the Recovery and Resilience Plans submitted by the four big euro area countries (Germany, France, Italy and Spain) and Belgium. These Plans describe the investments and reforms that they intend to carry out with a view to strengthening their economies. A s required, the five countries considered will use the EU grants mainly to finance green and digital investment. Italy, Spain and France also intend to spend about 1/3 of the grants on other projects such as labour market, education and skills; R&D and innovation; cohesion; health;... In exchange for a higher share of grants, Italy and Spain have committed to more comprehensive reforms designed to effectively address their imbalances and structural weaknesses than Germany, France and Belgium. Italy and Spain have already implemented substantial reforms in 2021 before the first instalment of grants was requested. Others will follow as soon as in 2022. Going forward, actual implementation will be key. In Belgium, the EU grants should be an opportunity to help push through structural reforms supporting the green and digital transitions and enhancing the growth potential.

  • Vendredi 14/1/2022
    Bisciari / Gelade / Melyn

    Economists regard COVID-19 as a global and exogenous shock. In response, the EU set up a recovery plan consisting of grants and favourable loans to Member States over 2021-2026. The pandemic affected countries dependent on tourism more than the other countries. The recovery plan therefore involves an aspect of solidarity by providing grants and by taking into account both the initial vulnerability and the economic damage caused by COVID-19 in the Recovery and Resilience Facility allocation criteria for the grants. Thanks to these criteria, Italy and Spain are the main beneficiaries in terms of grants. Together with loans, this will boost their economic activity over the medium term more than in Germany, France and Belgium.

    In exchange for EU grants and loans, all countries must submit Recovery and Resilience Plans describing the investments and reforms that they intend to carry out with a view to strengthening their economies. Belgium was expected to receive only € 5.9 billion worth of grants. This amount might even be substantially lower once the effective GDP losses for 2020 and 2020-2021 are known in spring 2022. Nevertheless, as a small open economy, Belgian GDP might benefit more from the Recovery and Resilience Plans implemented in Germany, France, Italy and Spain than from its own plan.

  • Lundi 20/12/2021
    Frank Lierman

    The economics and finance magazine ‘Revue bancaire et financière/Bank- en Financiewezen’ celebrates its 85th anniversary and the first lustrum of the digital version. To mark this occasion, the review’s editorial board invited Belgian academics, researchers and policy makers to write an article on “The impact of COVID-19 on the Belgian economy and finance sector”. The result is a special printed edition containing 22 contributions, divided into 5 subtopics. This article summarizes the key-findings and messages.

  • Mardi 9/11/2021

    Report by Frank Lierman, president of the Editorial Committee of Bank- en Financiewezen, of Koen Dejonckheere’s presentation during the Belgian Financial Forum Webinar of 5 October 2021.


    Verslag door Frank Lierman, voorzitter redactiecomité van bank- en Financiewezen, van de presentatie van Koen Dejonckheere tijdens het Webinar van Belgisch Financieel Forum op 5 oktober 2021.

  • Mardi 9/11/2021
    Van Craeynest

    As they go through a remarkably rapid recovery out of the Covid-crisis, companies are already hitting new barriers to growth, most importantly issues concerning the delivery of inputs and labour market tightness. Especially the latter requires an urgent and structural policy response. Meanwhile the major transitions in our society related to sustainability, digitalization and population ageing offer significant opportunities for companies. To capture these opportunities our capacity to innovate will play a crucial role.

  • Lundi 11/10/2021
    Stijn Baert

    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.

  • Lundi 11/10/2021
    Geert Jennes

    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.