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Articles disponibles gratuitement du domaine d’activités de la Revue bancaire et financière – Bank en Financiewezen. Les articles sont mis à disposition dans leur langue originale.

  • Lundi 14/11/2022

    A national bank would not be a bank if it could not lend money. Indeed, only a commercial bank can take out a loan from the national bank, but other than that, the process is not that much different from when you as an individual take out a loan from a commercial bank. To take out a loan from a national bank, you would also need collateral, independent third parties and - as for all financial institutions - risks are controlled to a maximum.

  • Lundi 14/11/2022

    Persistently high inflation and aggressive monetary policy tightening seem set to cause a global recession. Central banks around the world have been raising interest rates this year with a degree of synchronicity not seen over the past five decades. Meanwhile, confidence among firms and households has fallen to depressed levels. The pace of monetary tightening will likely slow in the coming months. However, more forceful action might be required to dampen demand and drive inflation out of the economic system. Another risk is that higher interest rates cause problems in the financial system which then seep into the real economy.

    The eurozone is suffering from the surge in energy prices, rising interest rates and weaker external demand. The question is not whether the region faces a recession, but rather how deep and how long it will last. And with inflation to stay uncomfortably high, the ECB will press on with tightening policy. The US economy will likely experience a milder recession in 2023, as rate hikes weigh on consumption and investment (particularly residential). Inflation may well fall back more rapidly than widely expected, opening the door for rate cuts again from late 2023 onwards. In China, despite greater policy stimulus, growth will remain depressed next year as the zero-COVID approach continues to weigh on activity, exports fall, and property construction fails to recover materially.

  • Lundi 14/11/2022

    In this article, we look back at the origin of the inflation that led the main central banks to drastically increase their key rates this year. The article then illustrates the initial effects of these rate hikes on the economy and financial markets. Finally, it questions the need for central banks to continue these rate hikes, distinguishing between the situation in the United States and in the Eurozone.

  • Lundi 14/11/2022
    Frank Lierman

    This report summarizes the key messages of the keynote speeches, invited papers and working papers presented and discussed during the biennial conference on “Household Heterogeneity and Policy Relevance”, organized by the National Bank of Belgium on 20 and 21 October 2022.

  • Vendredi 30/9/2022

    The residential real estate market plays a significant role in the Belgian economy and in the Belgian financial system as it closely interconnects financial institutions, households, and the real economy. Many past financial crises have shown that unsustainable developments in residential real estate markets can be the source of financial sector vulnerabilities and crises, requiring close monitoring and – if necessary – macroprudential measures to identify and address emerging imbalances. The article summarises the main elements of the presentation “Residentieel vastgoed en financiële stabiliteit” (Financieel Forum Oost-Vlaanderen, 30 mei 2022) which, in turn, was a preview of the National Bank of Belgium’s Financial Stability Report published on 7 June 2022. 

    A thematic article in this publication provides a detailed and comprehensive analysis of recent developments in the Belgian residential real estate market. The Financial Stability Report also provides an update on the rationale and effectiveness of the macroprudential measures that the National Bank of Belgium has taken to mitigate risks to financial stability linked to the Belgian financial sector’s significant exposure to the housing market.  It shows amongst other things that the Bank’s prudential expectations for mortgage lending standards, introduced in 2020, seem to have achieved their dual objective: reducing the share of riskier loans in new mortgage loan production while maintaining access to credit for solvent borrowers, including (young) first-time buyers.

  • Vendredi 30/9/2022

    ERA, the Belgian market leader in the residential real estate sector, with 25+ years’ experience in developing consumer-oriented products and services, and 250+ new construction projects has carried out more than 10,000 transactions in 2021, including some 6,500 sales and 3,500 rentals. ERA has a network of 130+ agencies with more than 550 local professionals to make the residential dreams of their customers come true by selling, buying or renting their home. Moreover, our company's growth ambitions will expand the office network even more to 150 agencies by 2025 to be close to our customers. With our extensive knowledge of the local real estate market, we are also an interesting partner for developers and investors to reach the right local customers for their projects.


    We share our expertise, among others, in our annual ERA Barometer, which is an analysis of the evolution of the housing market and residential prices, based on our huge database of figures from the past 10 years of the Belgian real estate market. Next to that our CEO Johan Krijgsman shares his knowledge in multiple media interviews. In his recent interview on Trends Talk from Kanaal Z, he elaborated his view on the affordability of housing in the current market.

    ERA’s headquarters are situated on the biggest marketplace of Belgium, in Sint-Niklaas, in Huis Myle, a renovated listed historic monument bought and restored by CEO Johan Krijgsman and his partners after almost two decades of vacancy. More information can be found at ERA.BE.

  • Vendredi 30/9/2022

    “Everybody deserves a great place to live”, the just cause of Matexi for more than 75 years. As a neighbourhood developer Matexi creates real estate projects that meet the needs of the present, without jeopardising those of future generations. Each project contributes to a more sustainable society by adding value to the neighbourhood that inspires to make more of life together and offering affordable future-oriented housing to the customers who will live there.


    Matexi is a real estate transformer ‘par excellence’. The neighbourhood developer acquires land and neighbourhood sites - increasingly, derelict industrial land, old factory buildings and vacant office buildings - and transforms these into great places to live, in close interaction with all stakeholders involved.


    This process requires a substantial investment of people and resources. Even though these may be challenging times for the real estate sector, due to the energy crisis, rising material costs and high inflation, the need for additional comfortable, energy-efficient, and affordable housing remains high. With major price reductions not to be expected any time soon, the neighbourhood developer underlines there is a glass ceiling to the rising material cost and interest rates that the real estate sector can bear.

  • Vendredi 30/9/2022

    This is the keynote speech given by Karel Baert, CEO of Febelfin, during the event “The Search for Talent in the Financial Sector” (Brussels, 29 June 2022) organised by the Belgian Finance Centre (BFC) in close collaboration with Assuralia and Febelfin.

  • Vendredi 30/9/2022

    Op 29 juni 2022 organiseerde het Belgian Finance Centre (BFC) in samenwerking met Assuralia en Febelfin, een grote debatavond met als focus "The Search for Talent in the Financial Sector". Karel Baert, CEO van Febelfin, was de keynote spreker op het evenement. Dit artikel is een samenvatting van de highlights van het panelgesprek.

  • Vendredi 30/9/2022

    De Autoriteit voor Financiële Diensten en Markten (FSMA) publiceerde op 23 juni 2022 haar jaarverslag. Naar aanleiding daarvan organiseerde de FSMA een Webinar over recente evoluties in haar toezicht en controletechnieken. Het Webinar, waarvoor ruim 2.000 personen zich inschreven, focuste op twee grote onderwerpen: de vastgestelde evoluties en verbeterpunten qua toepassing van de MiFID-wetgeving en een innovatieve opsporingstechniek van zogenaamde Closet Indexing.