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corona

  • Dinsdag 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.

  • Vrijdag 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.

  • Maandag 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.

  • Dinsdag 9/11/2021
    Dejonckheere

    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.

  • Dinsdag 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.

  • Maandag 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.

  • Maandag 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.

  • Maandag 11/10/2021
    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.

  • Dinsdag 31/8/2021
    Arnaud Navez

    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).

  • Dinsdag 31/8/2021
    Jean-Pierre di Bartolomeo

    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).

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