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RBF numérique 2021/08

  • Our financial world: lessons to be learned from Fabrizo Saccomanni

    Lundi 11/10/2021
    Jacques de Larosière
    de Larosière

    This is the speech given by Mr. Jacques de Larosière during the VILLA VIGNONI Euro-Workshop on 16 September 2021

  • Getting fiscal policy in shape to swing with monetary policy

    Lundi 11/10/2021
    National Bank of Belgium
    National Bank of Belgium

    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.

  • De EU als transferunie? liever een mini-VS dan een maxi-België

    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.

  • De ijsberg op onze Belgische arbeidsmarkt en hoe deze te ontdooien

    Lundi 11/10/2021
    Prof. Dr. Stijn Baert
    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.