Household Finance and Consumption Network (HFCN)
In December 2006, the Eurosystem Governing Council decided to set up this network in order to collect data from a cross-section of households on their finances and consumption patterns.
A preliminary phase in 2007 and 2008 enabled a survey questionnaire to be drawn up and to be tested out in each participating country on a limited number of households.
The actual implementation of the survey proper began in 2009 and the National Bank of Belgium has decided to get fully involved in this initiative. In principle, this survey should be carried out once every three years.
The research work that will be able to be done on the basis of the findings of this survey will be geared to assessing the impact of shocks or policies on household behaviour and, in this way, to acquire a better understanding of monetary policy transmission mechanisms or processes of importance for financial stability.
Contributions by the Economics and Research department
The Economics and Research department's contributions to the HFCN can be consulted using the following links:
- The distribution of debt across euro area countries: The role of individual characteristics, institutions and credit conditions
- Unemployment risk and over-indebtedness: A micro-econometric perspective
- Pockets of risk in the Belgian mortgage market: Evidence from the Household Finance and Consumption Survey
- A bigger house at the cost of an empty fridge? The effect of households' indebtedness on their consumption: Micro-evidence using Belgian HFCS data