Governor Pierre Wunsch opened the NBB’s International Research Conference 2024 with a speech on the transformations taking place in the global economy and their impact on our future. The theme of this year’s conference is: ‘Deglobalisation, decarbonisation and digitalisation: how the three Ds affect firm pricing, markups and productivity’. 

After years recording profits, central banks are now posting losses. This raises questions about the consequences for government budgets and thus also for taxpayers. However, losses are expected to be temporary and recoverable. 

European climate targets are having an increasingly greater impact on the Belgian economy. A survey of Belgian firms shows that they associate the climate transition chiefly with rising input costs and sales prices.

The Eurosystem, to which the NBB belongs, is responsible for conducting monetary policy for the euro area while incurring as little risk as possible. But striking the right balance is like walking a tightrope, as explained in our latest blog post! 

Business confidence weakened significantly in the building industry and somewhat in the manufacturing industry. On the other hand, the business climate continued to pick up in business-related services and, at a faster pace, in trade. 

The gloom affecting Belgian industry, particularly the automotive sector, appears to be sapping consumer morale. Households are also worried about the rise in unemployment, which is at its highest level in almost two years.