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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.

  • Jeudi 10/3/2022

    So many reasons why investing in gender balance and inclusion make sense. In this short article Claire Godding, in charge of Diversity & Inclusion at Febelfin, explains those reasons, as well as some simple actions every company can implement: it starts with measuring, and making role models more visible. The Women in Finance Belgium initiative is unique, showing results 3 years after the first signing of the Charter. Finally the article summarizes simple actions that you can take to contribute to inclusion as an employee, and a few advices for every company who wants to build an action plan.

  • Jeudi 10/3/2022
    Piton / Nautet

    Despite a strong convergence in employment rate between men and women, being a mother is still associated with a penalty on the labour market. Motherhood reduces the probability of being employed (mainly for low-educated women) and raises the use of part-time (in particular for highly educated women). Chances to get a managerial position or a job with supervisory responsibilities are therefore narrowed. Conversely, fatherhood is neutral or even an advantage for men’s career. Policies aiming to facilitate work-life balance generate adverse effects on women’s career. While both men and women are eligible, the use of these schemes remained mothers’ choice. Current gender norms lead to the persistence of traditional male and female roles and therefore hinder social progress. An equally shared parental leave could contribute to a fairer picture, just as more affordable and available childcare. Raising young women's awareness about the consequences of their educational and career choices would also certainly help to increase women emancipation.

  • Mardi 8/2/2022

    20 years ago, as Commissioner-General for the euro commission, Jan Smets was responsible for the introduction of the single currency in Belgium.  The first part of this article is a reproduction of the blog published on the website of the NBB on 29 December 2021 in which the Honorary Governor gives a personal analysis at the occasion of the 20th anniversary of the euro. The second part, based on an NBB press release of 28 December 2021, offers an overview of 20 years of the euro on the basis of 20 striking figures.

    Het was een heel spannend moment, op oudejaar 20 jaar geleden, toen de eurobiljetten en -muntstukken voor het eerst in omloop kwamen. De “changeover”, zoals de operatie werd genoemd, was minutieus voorbereid door het commissariaat-generaal voor de euro en de Nationale Bank. De productie van de euro’s, de bevoorrading vooraf (of zogenaamde frontloading) van banken, warenhuizen, handelaars en tot slot ook de burgers (met starterkits), de terugtrekking van het Belgische geld… alles moest heel zorgvuldig worden gepland én uitgevoerd. Dat lukte aardig, mede dankzij de medewerking van alle stakeholders (banken, handel, overheid…) maar vooral ook omdat de Belgen hun nieuwe munt omarmden. Half januari 2002 al was de Belgische frank vrijwel uit het betalingsverkeer verdwenen.

  • Mardi 8/2/2022

    For the financial markets, Brexit is really Brexit. Due to the rather limited market integration between the European and British financial worlds, the consequences are limited. As of yet, Brussels has not been able to seize all its opportunities. A targeted industrial policy can transform it into a more important financial hub.

    Voor de financiële markten is Brexit ook echt Brexit. Door de beperkte marktintegratie zijn de gevolgen evenwel beperkt. Brussel heeft zijn kansen als financieel centrum tot nu toe niet kunnen grijpen, maar een gericht industrieel beleid kan daar verandering in brengen.

  • Mardi 8/2/2022
    Bégasse de Dhaem / Mention / Romont

    This study by the National Bank of Belgium (NBB) analyses the trends, developments, opportunities, risks, and threats related to digitisation in the Belgian banking sector, to the use of innovative technologies and to the entry into the market of new players and competitors. Following up on the NBB’s 2017 prior study of digitisation and of fintech in the Belgian banking sector, this renewed study provides an updated overview of those trends and developments, and of the initiatives illustrating the digital transformation of Belgian banks. The study concludes with the NBB's observations and recommendations, formulating a number of points for attention with respect to both the organisation and the functioning of Belgian banks, while emphasising the importance of an active dialogue.

  • 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

    The explosion of the equity markets  during the pandemic raises the question of an eco-system that exacerbates the inequalities. At the core of it lies the over-indebtedness of governments who had gradually accepted to tax consumers and workers to the advantage of corporations. The interventions of central banks , through low interest rates and massive purchases of government debts, favored issuers -primarily governments- to the detriment of savings. It drove retirees without any form of revenue on their lifetime savings. This flow of liquidity found its way to the equity markets creating a second inequality between those who benefit from the bonanza of equity values and those who live precariously. Last but not least the share buybacks and dividends continued to increase the equity prices in favor of shareholders and top management. Behind these imbalances is the ideology of the shareholder value that needs to be reviewed to integrate ethics, equality and societal considerations.

  • Vendredi 14/1/2022
    Tendeloo / Francart

    This article – which is based on a presentation given on 28 October 2021 during a webinar organised by the Belgian Financial Forum – will first explain how energy efficiency of real estate exposures may be an important risk factor for the transition risk to which the Belgian financial sector is potentially exposed. As exposures to energy-inefficient buildings are likely to be more subject to transition risk, the article also shows why financial institutions need to gather information on the energy performance of their real estate exposures and incorporate this information in their risk management.

  • Vendredi 14/1/2022

    Global heating and climate change are major issues to be tackled. Physical and transition risks could heavily change our society and economy. To provide a sustainable future for generations to come, a big challenge lies ahead:  the reduction of CO2 emissions of residential real estate, which counts for 13.8 % of the CO2 emissions in Belgium. Therefore, the current residential building stock needs to undergo major renovations to achieve the 2050 targets. The credit sector is very active and committed to enable this transformation and play a key-role when people buy or renovate their house. To facilitate this, it collaborates closely with, amongst others, local governments and European institutions.

  • Vendredi 14/1/2022

    Energy and rent prices are currently soaring for European households, with such housing costs representing over 40% of the disposable income among the population earning less than 60% of the median national income, with peaks of around 60% in Greece and Germany.

    Energy Efficient Mortgages (EEMs) can help reduce a property’s energy running costs by up to 50% and significantly contribute to financial stability thanks to lowered credit risk, through reduced probability of default and increased property value. Against this backdrop, since 2015 the EMF-ECBC has sought to promote a solution-oriented approach – the Energy Efficient Mortgages Initiatives (EEMI) and its concrete market application, the Energy Efficient Mortgage Label. This Initiative seeks to establish a comprehensive ecosystem from the origination of labelled energy efficient mortgages to green portfolios funded through capital markets, and therein meet evolving ESG criteria, consumer and issuer needs, and facilitate investors’ due diligence.