The Belgian financial system is relatively large, concentrated, and interconnected and has a high level of compliance with the Basel Core Principles (BCPs) for effective banking supervision. The National Bank of Belgium (NBB) deploys high-quality supervisory practices and has clear lines of...

The Belgian insurance industry was adversely affected by the global financial crisis and continued to confront challenges related to legacy assets and economic uncertainties in Europe. The Belgian authorities have made significant progress in updating the insurance regulatory regime and...

The Belgium Financial Sector Assessment Program (FSAP) stress testing exercise examines a financial sector that remains in a state of transformation. Domestic economic challenges remain sources of continued uncertainty as the banking sector consolidates and reduces funding risks. Insurers face...

KEY ISSUES: With growth projected at just over 1 percent in 2014, recovery from the stagnation of 2012–13 is proving slow, as in much of Europe. Healthy private balance sheets and integration with Germany dampened the impact of the crisis. However, despite its resilience the economy has been...

The ability of the National Bank of Belgium (NBB) to provide emergency liquidity assistance to solvent but temporarily illiquid firms is well tested and satisfactory. Belgian authorities are testing draft guidelines for recovery plans through pilot projects with selected firms that are of...

The Belgian securities market and financial services markets have remained subdued since the crisis, and significant changes have taken place in regulatory architecture in response. The execution requires both the resources and the same strong focus on driving key outcomes. Concerns also remain...

Belgian financial conglomerates (FCs) remained important players in the Belgian financial sector, despite significant restructuring following the global financial crisis. FCs operated in multiple streams of the financial sector, especially in banking and insurance. Owing to their economic reach...

The Belgian economy showed considerable progress through 2011 in terms of both growth and employment. However, the 2013 Article IV Consultation underlines that the European recession has had a negative impact on its economy, giving rise to unemployment. The economy has entered its second year of...