Economic Review

Economic review
The National Bank’s aim in producing the Economic Review is to provide information about important economic, financial and monetary developments.

It therefore regularly publishes articles on macroeconomic developments and the financial markets, transactions with foreign countries and the situation of enterprises. More specific analyses are also published in the Review.

Below you will find the Economic Reviews from 1999 to date in PDF format and, from September 2012 onward, also in EPUB format (epub), a free and open e-book standard. 

The historical archives 1926 - 1998 can be found on a separate page.

It is also possible to order a printed copy or to subscribe to the upcoming issues.

 

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 -+ 2014

December 2014 

 

Full document  pdf6 epub

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- Economic projections for Belgium – Autumn 2014 Economic projections for Belgium – Autumn 2014
- Normalisation of monetary policy : prospects and divergences (Cordemans, N.; Ide, S.) Normalisation of monetary policy : prospects and divergences
- Recent changes in saving behaviour by Belgian households : the impact of uncertainty (Basselier, R.; Langenus, G.) Recent changes in saving behaviour by Belgian households : the impact of uncertainty
- Main lessons of the NBB’s 2014 conference on “Total factor productivity : measurement, (Dhyne, E.; Fuss, C.) Main lessons of the NBB’s 2014 conference on “Total factor productivity : measurement,
- Financial structure and results of firms in 2013 (Vivet, D.) Financial structure and results of firms in 2013
- 2013 social balance sheet (Heuse, P.) 2013 social balance sheet


September 2014 

 

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- Outlook for the finances of the Communities and Regions (Bisciari, P.; Melyn, W.; Van Meensel, L.) Outlook for the finances of the Communities and Regions
- Creating export value. An analysis of Belgium (Duprez, C.) Creating export value. An analysis of Belgium
- Global imbalances and gross capital flows (Butzen, P.; Deroose, M.; Ide, S.) Global imbalances and gross capital flows
- Household indebtedness : evolution and distribution (Du Caju, Ph.; Roelandt, Th.; Van Nieuwenhuyze, Ch.; Zachary, M.-D.) Household indebtedness : evolution and distribution
- Lessons from the US for the institutional design of EMU (Butzen, P.; Cheliout, S.; Geeroms, H.) Lessons from the US for the institutional design of EMU
- The how and why of a negative rate for the deposit facility (Kasongo Kashama, M.) The how and why of a negative rate for the deposit facility


June 2014 

 

Full document  pdf6 epub

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- Economic projections for Belgium – Spring 2014 Economic projections for Belgium – Spring 2014
- Is government spending the key to successful consolidation ? (Nautet, M.; Schoonackers, R.; Stinglhamber P.; Van Meensel L.) Is government spending the key to successful consolidation ?
- The new national consumer price index (Langohr, J.) The new national consumer price index
- Employees : too expensive at 50 ? The age component in wage-setting (Saks, Y.) Employees : too expensive at 50 ? The age component in wage-setting
- Using BREL to nowcast the Belgian business cycle : the role of survey data (Piette Ch.; Langenus G.) Using BREL to nowcast the Belgian business cycle : the role of survey data
- Financial integration and fragmentation in the euro area (de Sola Perea, M.; Van Nieuwenhuyze Ch.) Financial integration and fragmentation in the euro area



 -+ 2013


 -+ 2012


 -+ 2011

December 2011 

 

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- Economic projections for Belgium - Autumn 2011 Economic projections for Belgium - Autumn 2011
- Public sector wages (Eugène, B.) Public sector wages
- The distributive trade sector and its impact on euro area prices (Cornille, D.; Langohr, J.) The distributive trade sector and its impact on euro area prices
- International trade in services. A growing contribution to Belgium’s current balance (Duprez, C.) International trade in services. A growing contribution to Belgium’s current balance
- Results and financial situation of firms in 2010 (Vivet, D.) Results and financial situation of firms in 2010
- The 2010 social balance sheet (Heuse, P.; Zimmer, H.) The 2010 social balance sheet


September 2011 

 

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- Economic impact of the public debt (Nautet, M.; Van Meensel, L.) Economic impact of the public debt
- The Europe 2020 strategy (Heuse, P.; Zimmer, H.) The Europe 2020 strategy
- Developments in private consumption over the past three years (Baugnet, V.; Dresse, L.) Developments in private consumption over the past three years
- The economic impact of the fight against climate change (Bruggeman, A.) The economic impact of the fight against climate change
- The impact of low interest rates on household financial behaviour (Stinglhamber, P.; Van Nieuwenhuyze, Ch.; Zachary, M.-D.) The impact of low interest rates on household financial behaviour


June 2011 

 

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- Economic projections for Belgium - Spring 2011 Economic projections for Belgium - Spring 2011
- Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis (Cordemans, N.; de Sola Perea, M.) Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis
- End of the crisis in the housing markets ? An international survey (Baugnet, V.; Butzen, P.; Cheliout, S.; Melyn, W.; Wibaut, Q.) End of the crisis in the housing markets ? An international survey
- Behaviour of Belgian firms in the context of globalisation : lessons from the conference on "International Trade : Threats and Opportunities in a Globalised World" (Dhyne, E.; Dresse, L.; Fuss, C.; Piette, Ch.) Behaviour of Belgian firms in the context of globalisation : lessons from the conference on "International Trade : Threats and Opportunities in a Globalised World"
- The Belgian labour market during and after the crisis (De Mulder, J.; Druant, M.) The Belgian labour market during and after the crisis



 -+ 2010

December 2010 

 

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- Economic projections for Belgium - Autumn 2010 Economic projections for Belgium - Autumn 2010
- The inflation gap between Belgium and the three main neighbouring countries and likely repercussions on competitiveness (Aucremanne, L.; Cordemans, N.; Cornille, D.; Dossche, M.) The inflation gap between Belgium and the three main neighbouring countries and likely repercussions on competitiveness
- Implications of liberalisation for methods of setting retail gas prices in Belgium (Swartenbroekx, C.) Implications of liberalisation for methods of setting retail gas prices in Belgium
- Trends in taxation of privately held assets (Nautet, M.; Van Cauter, K.; Van Meensel, L.) Trends in taxation of privately held assets
- The Belgian deposit guarantee scheme in a European perspective (Van Nieuwenhuyze, Ch.; Zachary, M.-D.) The Belgian deposit guarantee scheme in a European perspective
- Results and financial structure of firms in 2009 (Vivet, D.) Results and financial structure of firms in 2009
- The 2009 social balance sheet (Heuse, P.; Zimmer, H.) The 2009 social balance sheet


September 2010 

 

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- Lessons from the crisis : Monetary policy and financial stability (Aucremanne, L.; Ide, S.) Lessons from the crisis : Monetary policy and financial stability
- Rebalancing global demand (Butzen, P.; Melyn, W.; Vandevyvere, W.) Rebalancing global demand
- Strategies and measures aimed at consolidating public finances (De Prest, E.; Eugène, B.; Van Meensel, L.) Strategies and measures aimed at consolidating public finances
- Energy markets and the macroeconomy (Baugnet, V.; Dury, D.) Energy markets and the macroeconomy
- The increased volatility of electricity prices for Belgian households (Coppens, F.) The increased volatility of electricity prices for Belgian households


June 2010 

 

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- Economic projections for Belgium - Spring 2010 Economic projections for Belgium - Spring 2010
- Belgium's position in world trade (Baugnet, V.; Burggraeve, K.; Dresse, L.; Piette, Ch.; Vuidar, B.) Belgium's position in world trade
- Lessons of the Wage Dynamics Network (de Walque, G.; Druant, M.; Du Caju, Ph.; Fuss, C.) Lessons of the Wage Dynamics Network
- Analysis of the population of non-financial corporations with negative economic profitability (Deville, X.; Verduyn, F.) Analysis of the population of non-financial corporations with negative economic profitability
- Poverty in Belgium (Saks, Y.; Delhez, Ph.) Poverty in Belgium



 -+ 2009

December 2009 

 

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- Economic projections for Belgium - Autumn 2009 Economic projections for Belgium - Autumn 2009
- Pension system reforms in the EU15 countries (Bisciari, P.; Dury, D.; Eugène, B.; Van Meensel, L.) Pension system reforms in the EU15 countries
- Methodology or pricing: how can the greater volatility of consumer gas and electricity prices in Belgium be explained? (Cornille, D.) Methodology or pricing: how can the greater volatility of consumer gas and electricity prices in Belgium be explained?
- Trend in the financial structure and results of firms in 2008 (Vivet, D.) Trend in the financial structure and results of firms in 2008
- The social balance sheet 2008 (Delhez, Ph.; Heuse, P.; Saks, Y.) The social balance sheet 2008


September 2009 

 

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- Deflation, a demon from the distant past or a real danger now ? (Ide, S.; Boeckx, J.; Cornille, D.) Deflation, a demon from the distant past or a real danger now ?
- Regulation and competition in the distribution sector in Belgium (Baugnet, V.; Cornille, D.; Dhyne, E.; Robert, B.) Regulation and competition in the distribution sector in Belgium
- The economic recovery plans (Dury, D.; Langenus, G.; Van Cauter, K.; Van Meensel, L.) The economic recovery plans
- Towards more environmental taxes ? (Van Cauter, K.; Van Meensel, L.) Towards more environmental taxes ?
- The Belgian mortgage market in a European perspective (Zachary, M.-D.) The Belgian mortgage market in a European perspective


June 2009 

 

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- Economic projections for Belgium - Spring 2009 Economic projections for Belgium - Spring 2009
- The National Bank of Belgium, Research Department's new business survey indicator (De Greef, I.; Van Nieuwenhuyze, C.) The National Bank of Belgium, Research Department's new business survey indicator
- Public employment in Belgium (Bisciari, P.; Eugène, B.; Van Meensel, L.) Public employment in Belgium
- The Belgian migration to SEPA (Single Euro Payments Area) (Vermeulen, J.; Waterkeyn, A.) The Belgian migration to SEPA (Single Euro Payments Area)


February 2009 

 

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- Economic projections for Belgium - February 2009 Economic projections for Belgium - February 2009



 -+ 2008

December 2008 

 

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article

- Economic projections for Belgium - Autumn 2008 Economic projections for Belgium - Autumn 2008
- Ten years of monetary union in retrospect (Aucremanne, L.; Boeckx, J.; Dury, D.; Ide, S.) Ten years of monetary union in retrospect
- Review of the IMF's lending framework (Janssens, C.; Vincent, E.) Review of the IMF's lending framework
- Innovation and entrepreneurship: structural determinants of competitiveness (Robert, B.) Innovation and entrepreneurship: structural determinants of competitiveness
- Trend in the financial structure and results of firms in 2007 (Vivet, D.) Trend in the financial structure and results of firms in 2007
- The social balance sheet 2007 (Delhez, Ph.; Heuse, P.; Saks, Y.; Zimmer, H.) The social balance sheet 2007


September 2008 

 

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- Macroeconomic and fiscal impact of the risk capital allowance (Burggraeve, K.; Jeanfils, Ph.; Van Cauter, K.; Van Meensel, L.) Macroeconomic and fiscal impact of the risk capital allowance
- Results of the Bank's survey of wage-setting in Belgian firms (Druant, M.; Du Caju, Ph.; Delhez, Ph.) Results of the Bank's survey of wage-setting in Belgian firms
- The incomes and financing balance of individuals and companies (Bruggeman, A.) The incomes and financing balance of individuals and companies
- Interregional transfers and solidarity mechanisms via the government budget (Dury, D.; Eugène, B.; Langenus, G.; Van Cauter, K.; Van Meensel, L.) Interregional transfers and solidarity mechanisms via the government budget


June 2008 

 

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- Economic projections for Belgium - Spring 2008 Economic projections for Belgium - Spring 2008
- Inflation and indexation in Belgium : causes and possible effects of the current acceleration in inflation Inflation and indexation in Belgium : causes and possible effects of the current acceleration in inflation
- Gross job flows and firms' international activities (Piette, Ch.; Pisu, M.) Gross job flows and firms' international activities
- Foreign financial transactions of Belgian non-financial sectors (Baugnet, V.; Stinglhamber, P.; Zachary, M.-D.) Foreign financial transactions of Belgian non-financial sectors
- The use and effectiveness of fiscal rules and independent fiscal institutions (Van Meensel, L.; Dury, D.) The use and effectiveness of fiscal rules and independent fiscal institutions


April 2008 

 

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- Inflation in Belgium: an analysis by the NBB at the request of the federal government Inflation in Belgium: an analysis by the NBB at the request of the federal government



 -+ 2007


 -+ 2006


 -+ 2005


 -+ 2004


The Economic Review has been published in English since 2004. For issues of the Economic Review published before 2004, please switch to the French or Dutch version of this page.