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  • Woensdag 7/12/2022

    The current inflation crisis implies higher input costs, higher wage costs, pressure on margins, increasing interest rates and recession for Belgian companies. Even more important is the fact that this crisis is creating a double handicap of energy and wage costs for our economy. This will lead to less investment spending, less hiring and less economic activity. Especially the wage cost issue is looking like a painful déjà-vu. As in the past, the way out of this situation runs through an adjustment of the wage indexation mechanism. However, the economic pain probably needs to increase before the required adjustment becomes politically feasible.

  • Dinsdag 31/8/2021
    Dir. HIlgers - Prof. Degryse

    This article is based on the interventions of Jean Hilgers (National Bank of Belgium) and Professor Hans Degryse (KU Leuven) during the Webinar on the Macroprudential and Financial Stability Report of the National Bank of Belgium (June the 3rd, 2021).

  • Woensdag 14/4/2021
    Karel Baert

    Interview met Karel Baert, CEO van Febelfin.

  • Woensdag 10/3/2021
    Olivier De Jonghe, Christophe Piette & Joris Tielens

    The COVID-19 crisis has taken its toll on the Belgian corporate sector. A sudden drop in revenues and imperfect downscaling of costs has put considerable pressure on firms’ cash buffers. In this article, we document the pockets of corporate liquidity and solvency risk and examine the role of various policy measures taken to keep businesses afloat. We show that the support measures taken have successfully dampened cash outflows of firms. Despite these interventions, approximately one out of six non-financial firms are estimated to remain with pressing cash deficits attributable to the pandemic prior to the start of the second wave. Our analysis documents a non-trivial rise in solvency risk. Losses caused by the COVID-19 crisis have severely eroded many firms’ equity in the most affected sectors and replenishing their cash reserves would involve a substantial rise in their indebtedness in the absence of alternative financing sources.

  • Dinsdag 1/12/2020
     Leen Van den Neste

    Banking thrives in a calm and stable environment. After the global financial crisis of 2008, however, governmental authorities undertook a range of necessary measures that had an enormous impact on the funding and the reporting requirements imposed on financial institutions, systemic and specialized institutions alike. The ongoing COVID-19 crisis has further deepened the negative effects of the low interest rate environment, and forces all banks to think broadly, continue to digitalise their businesses, and seek for more alternative income. Smaller banks face the same challenges as their systemic counterparts but continue to believe in their strength to work close to their customers and find tailor-made solutions for their demands.

  • Dinsdag 1/12/2020
    Jean Hilgers

    This article provides an overview of recent relevant developments for the financial sector and financial stability in Belgium. Next to the uncertain macro-financial context, it covers developments in credit to the real economy, the impact of the COVID-crisis on banks’ and insurance companies’ activities and results, trends in the Belgian real estate market as well as more structural challenges facing the Belgian financial sector. It also provides an overview of recent prudential measures and recommendations to the financial sector.

  • Woensdag 27/6/2018
    Vander Vennet Rudi

    The objective of this contribution is to describe the regulatory and economic environment in which banks now operate, especially the new Basel III rules and the exceptional monetary conditions, to identify which lessons banks learned (and which not) after the financial crisis, and what banks will have to do in order to restore sustainable profitability.

  • Woensdag 1/2/2017
    Michel Vermaerke

    De bankensector wordt tegenwoordig met heel wat uitdagingen geconfronteerd. Denk maar aan de steeds complexere regelgeving, de lage rente en de digitale evolutie. In het volgende artikel gaan we dieper in op deze uitdagingen en welke opportuniteiten erachter schuilgaan.

  • Woensdag 1/2/2017
    Peter Praet

    Speech by Peter Praet, Member of the Executive Board of the ECB, at ECMI Annual Conference, Brussels, 9 November 2016