NBB: Economic Review

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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 (), 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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-+ 2013

June 2013

	Full document 0	article	press release
-	Economic projections for Belgium – Spring 2013

Structural dynamics of Belgium’s foreign trade (Dhyne, E.; Duprez, C.)

The demography of companies (Verduyn, F.)

Size and dynamics of debt positions in Belgium and in the euro area (Bruggeman, A.; Van Nieuwenhuyze, Ch.)

Real estate holdings by institutional sector (Poullet, Gh.)

-+ 2012

December 2012

	Full document 6	article	press release
-	Economic projections for Belgium - Autumn 2012

Labour market integration of the population of foreign origin (De Keyser, T.; Delhez, Ph.; Zimmer, H.)

Belgium's progress towards SEPA - the Single Euro Payments Area (Vermeulen, J.)

Results and financial situation of firms in 2011 (Vivet, D.)

The 2011 social balance sheet (Delhez, Ph.; Heuse, P.; Zimmer, H.)

Endogenous Financial Risk: the Seventh International Conference of the NBB (Dewachter, H.; de Walque, G.; Emiris, M.; Ilbas, P.; Mitchell, J.; Wouters, R.)

September 2012

	Full document 4	article	press release
-	What is the role played by the Eurosystem during the financial crisis ? (J. Boeckx)

Belgian business investment in the context of the crisis (F. De Sloover, K. Burggraeve, L. Dresse)

Euro area labour markets and the crisis (J. De Mulder, M. Druant)

Labour market mismatches (H. Zimmer)

June 2012

	Full document 0	article	press release
-	Economic projections for Belgium - Spring 2012

What can we and can't we infer from the recourse to the deposit facility? (Boeckx,J.; Ide, S.)

Monetary policy in the United States and the euro area during the crisis (Cordemans, N.; Ide, S.)

Reform of the Special Finance Act for the Communities and Regions (Bisciari, P.; Van Meensel, L.)

Asset formation by households during the financial crisis (Du Caju, Philip)

New developments in the economic governance of the European Union (De Prest, E.; Geeroms, H.; Langenus, G.)

-+ 2011

December 2011

	Full document 0	article	press release
-	Economic projections for Belgium - Autumn 2011

Public sector wages (Eugène, B.)

The distributive trade sector and its impact on euro area prices (Cornille, D.; Langohr, J.)

International trade in services. A growing contribution to Belgium’s current balance (Duprez, C.)

Results and financial situation of firms in 2010 (Vivet, D.)

The 2010 social balance sheet (Heuse, P.; Zimmer, H.)

September 2011

	Full document 0	article	press release
-	Economic impact of the public debt (Nautet, M.; Van Meensel, L.)

The Europe 2020 strategy (Heuse, P.; Zimmer, H.)

Developments in private consumption over the past three years (Baugnet, V.; Dresse, L.)

The economic impact of the fight against climate change (Bruggeman, A.)

The impact of low interest rates on household financial behaviour (Stinglhamber, P.; Van Nieuwenhuyze, Ch.; Zachary, M.-D.)

June 2011

	Full document 0	article	press release
-	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.)

End of the crisis in the housing markets ? An international survey (Baugnet, V.; Butzen, P.; Cheliout, S.; Melyn, W.; Wibaut, Q.)

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.)

The Belgian labour market during and after the crisis (De Mulder, J.; Druant, M.)

-+ 2010

December 2010

	Full document 0	article	press release
-	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.)

Implications of liberalisation for methods of setting retail gas prices in Belgium (Swartenbroekx, C.)

Trends in taxation of privately held assets (Nautet, M.; Van Cauter, K.; Van Meensel, L.)

The Belgian deposit guarantee scheme in a European perspective (Van Nieuwenhuyze, Ch.; Zachary, M.-D.)

Results and financial structure of firms in 2009 (Vivet, D.)

The 2009 social balance sheet (Heuse, P.; Zimmer, H.)

September 2010

	Full document 0	article	press release
-	Lessons from the crisis : Monetary policy and financial stability (Aucremanne, L.; Ide, S.)

Rebalancing global demand (Butzen, P. ; Melyn, W.; Vandevyvere, W.)

Strategies and measures aimed at consolidating public finances (De Prest, E.; Eugène, B.; Van Meensel, L.)

Energy markets and the macroeconomy (Baugnet, V.; Dury, D.)

The increased volatility of electricity prices for Belgian households (Coppens, F.)

June 2010

	Full document 0	article	press release
-	Economic projections for Belgium - Spring 2010

Belgium's position in world trade (Baugnet, V.; Burggraeve, K.; Dresse, L.; Piette, Ch.; Vuidar, B.)

Lessons of the Wage Dynamics Network (de Walque, G.; Druant, M.; Du Caju, Ph.; Fuss, C.)

Analysis of the population of non-financial corporations with negative economic profitability (Deville, X.; Verduyn, F.)

Poverty in Belgium (Saks, Y. ; Delhez, Ph.)

-+ 2009

December 2009

	Full document 0	article	press release
-	Economic projections for Belgium - Autumn 2009

Pension system reforms in the EU15 countries (Bisciari, P.; Dury, D.; Eugène, B.; Van Meensel, L.)

Methodology or pricing: how can the greater volatility of consumer gas and electricity prices in Belgium be explained? (Cornille, D.)

Trend in the financial structure and results of firms in 2008 (Vivet, D.)

The social balance sheet 2008 (Delhez, Ph.; Heuse, P.; Saks, Y.)

September 2009

	Full document 0	article	press release
-	Deflation, a demon from the distant past or a real danger now ? (Ide, S.; Boeckx, J.; Cornille, D.)

Regulation and competition in the distribution sector in Belgium (Baugnet, V.; Cornille, D.; Dhyne, E.; Robert, B.)

The economic recovery plans (Dury, D.; Langenus, G.; Van Cauter, K.; Van Meensel, L.)

Towards more environmental taxes ? (Van Cauter, K.; Van Meensel, L.)

The Belgian mortgage market in a European perspective (Zachary, M.-D.)

June 2009

	Full document 0	article	press release
-	Economic projections for Belgium - Spring 2009

The National Bank of Belgium, Research Department's new business survey indicator (De Greef, I.; Van Nieuwenhuyze, C.)

Public employment in Belgium (Bisciari, P.; Eugène, B.; Van Meensel, L.)

The Belgian migration to SEPA (Single Euro Payments Area) (Vermeulen, J.; Waterkeyn, A.)

February 2009

	Full document 0	article
-	Economic projections for Belgium - February 2009

-+ 2008

December 2008

	Full document 0	article	press release
-	Economic projections for Belgium - Autumn 2008

Ten years of monetary union in retrospect (Aucremanne, L.; Boeckx, J.; Dury, D.; Ide, S.)

Review of the IMF's lending framework (Janssens, C.; Vincent, E.)

Innovation and entrepreneurship: structural determinants of competitiveness (Robert, B.)

Trend in the financial structure and results of firms in 2007 (Vivet, D.)

The social balance sheet 2007 (Delhez, Ph.; Heuse, P.; Saks, Y.; Zimmer, H.)

September 2008

	Full document 0	article	press release
-	Macroeconomic and fiscal impact of the risk capital allowance (Burggraeve, K.; Jeanfils, Ph.; Van Cauter, K.; Van Meensel, L.)

Results of the Bank's survey of wage-setting in Belgian firms (Druant, M.; Du Caju, Ph.; Delhez, Ph.)

The incomes and financing balance of individuals and companies (Bruggeman, A.)

Interregional transfers and solidarity mechanisms via the government budget (Dury, D.; Eugène, B.; Langenus, G.; Van Cauter, K.; Van Meensel, L.)

June 2008

	Full document 0	article	press release
-	Economic projections for Belgium - Spring 2008

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.)

Foreign financial transactions of Belgian non-financial sectors (Baugnet, V.; Stinglhamber, P.; Zachary, M.-D.)

The use and effectiveness of fiscal rules and independent fiscal institutions (Van Meensel, L.; Dury, D.)

April 2008

	Full document 0	article
-	Inflation in Belgium: an analysis by the NBB at the request of the federal government

-+ 2007

December 2007

	Full document 0	article	press release
-	Economic projections for Belgium - Autumn 2007

Interest rate policy or monetary base policy : implications for a central bank's balance sheet (Aucremanne, L.; Boeckx, J.; Vergote, O.)

The liquidity management of the Eurosystem during the period of financial turmoil (Aucremanne, L.; Boeckx, J.; Vergote, O.)

Trend in the financial structure and results of firms in 2006 (Verduyn, F.; Vivet, D.)

The social balance sheet 2006 (Delhez, Ph.; Heuse, P.; Zimmer, H.)

The determinants of savings in the third pension pillar (Stinglhamber, P.; Zachary, M.-D.; Wuyts, G.; Valenduc, Ch.)

September 2007

	Full document 0	article	press release
-	The euro, five years later : what has happened to prices ? (Cornille, D.; Stragier, T.)

Recent commodity price developments : causes and effects (Butzen, P.; Melyn, W.; Zimmer, H.)

The Single Euro Payments Area : SEPA (Maillard, H.; Vermeulen, J.)

Belgian corporate finance in a European perspective (Baugnet, V.; Zachary, M.-D.)

The sustainability of public finances in the context of population ageing (Dury, D.; Van Meensel, L.)

June 2007

	Full document 0	article	press release
-	Economic projections for Belgium - Spring 2007

Direct investment and Belgium's attractiveness (Bisciari, P.; Piette, Ch.)

The flattening of the yield curve : causes and economic policy implications (Collin, M.)

Recent trends in corporate income tax (Van Cauter, K.; Van Meensel, L.)

-+ 2006

December 2006

	Full document 0	article	press release
-	Economic projections for Belgium - Autumn 2006

The financial situation of non-financial corporations (Cappoen, S.; Zachary, M.-D.)

Trend in the financial structure and results of firms in 2005 (Lagneaux, F.; Vivet, D.)

The social balance sheet 2005 (Delhez, Ph.; Heuse, P.)

September 2006

	Full document 0	article	press release
-	Globalisation and monetary policy (Boeckx, J.)

Inflation persistence in Belgium (Collin, M.)

The role of equities in corporate finance in Belgium (Baugnet, V.; Wuyts, G.)

Notable trends in the EU budget (Butzen, P.; De Prest, E.; Geeroms, H.)

June 2006

	Full document 0	article	press release
-	Economic projections for Belgium - Spring 2006

A new national index of consumer prices and 10 years of the HICP (Cornille, D.)

Costs, advantages and drawbacks of the various means of payment

Working time and forms of employment in Belgium (De Mulder, J.; Druant, M.)

The redistributive character of taxes and social security contributions (Van Cauter, K.; Van Meensel, L.)

Credits to individuals - Analysis of the data recorded by the Central Individual Credit Register (De Doncker, H.)

-+ 2005

December 2005

	Full document 0	article	press release
-	Economic projections for Belgium - Autumn 2005

Inflation persistence and price-setting in the euro area : results of the Eurosystem Inflation Persistence Network (Dhyne, E.)

Trend in the financial structure and results of firms in 2004 (Vivet, D.)

The social balance sheet 2004 (Delhez, Ph.; Heuse, P.)

September 2005

	Full document 0	article	press release
-	Industry in Belgium : past developments and challenges for the future (Robert, B.; Dresse, L.)

The potential growth of the Belgian economy and its determinants (Rigo, C.)

Share prices, house prices and monetary policy (Bruggeman, A.; Hradisky, M.; Périlleux, V.)

Pricing behaviour in the euro area : results of a Eurosystem survey (Druant; M.)

Social security finances (Eugène, B.; Stragier, T.; Van Cauter, K.; Van Meensel, L.)

June 2005

	Full document 0	article	press release
-	Economic projections for Belgium - spring 2005

Sectoral interdependences and cost structure in the Belgian economy : an application for input-output tables (Cornille, D.; Robert, B.)

The US current account deficit : how did it come about and what are the policy implications (Butzen, P.; De Prest, E.; Ide, S.; Zimmer, H.)

The stability and growth pact : an eventful history (Langenus, G.)

February 2005

Report presented by the Governor on behalf of the Council of Regency

-+ 2004

December 2004

	Full document 0	article	press release
-	Economic projections for Belgium - Autumn 2004

Price-setting behaviour in Belgium: what can be learned from an ad hoc survey? (Aucremanne, L.; Druant, M.)

The finances of the communities and regions (Claeys, J.; Stragier, T.; Van Cauter, K.; Van Meensel, L.)

Trend in the financial structure and results of firms in 2003 (Vivet, D.)

The 2003 social balance sheet (Heuse, P.; Delhez, Ph.)

September 2004

	Full document 0	article	press release
-	Characteristics and development of Belgium’s foreign trade (Melyn, W.)

Inflation differentials in the euro area: size, causes, economic policy implications and relative position of Belgium (Aucremanne, L.; Collin, M.)

Determinants of Belgian bank lending interest rates (Baugnet, V.; Hradisky, M.)

Economic cycles in the United States and in the euro area: determinants, scale and linkages (Wouters, R.)

June 2004

	Full document 0	article
-	Economic projections for Belgium, 2004-2005

The transmission of monetary policy impulses in Belgium (Périlleux, V.; Wibaut, Q.)

Structure of public revenues (Van Cauter, K.; Stragier, T.; Brumagne, I.; Van Meensel, L.; Claeys, J.)

February 2004

Report presented by the Governor on behalf of the Council of Regency

The ICT sector in Belgium (Coppens, F.; Hermesse, A.; Vivet, D.)

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.

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Economic Review

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