The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

EMU: Will Belgium clear the final hurdle?

Belgium's economic plans rest on successful entry into European monetary union. It's well on its way - but it doesn't meet Maastricht's debt criteria. Laura Covill reports.

A SUPPLEMENT TO EUROMONEY - MAY 1996

Belgium's leap of faith


There is a sense of now-or-never in Brussels. The Belgian government believes that without fundamental reforms its small economy will not operate effectively in a Europe which has introduced a single currency and thrown open regional marketplaces to foreign competition. Limited ambitions which were realistic 10 years ago now look inadequate against the economic and market changes Belgium is about to face.


Belgium's economy and local capital markets stand to lose substantially from Emu unless they change now. The Belgian government, led by prime minister Jean-Luc Dehaene, has realized that, if Belgium does not act quickly, its economy could fall so far out of step with the rest of Europe that Belgium will not be able to join European monetary union. If this happens the Brussels stock exchange would lose business so fast that it might not survive. Even the country's bond market could collapse in the face of speculation against the Belgian franc.


But the present Belgian government is noteworthy for its apolitical and single-minded approach to monetary union. After eight years in the job, finance minister Philippe Maystadt is moving fast.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree