Belgium: Financial Sector Assessment Program-Financial System Stability Assessment

Author: International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2023 Issue 388

Publication date: December 2023

ISBN: 9798400261862

$20.00

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Topics covered in this book

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Banks and Banking , Finance , Money and Monetary Policy , International - Economics , Business and Financial , bank solvency stress tests , insurance solvency stress test , NBB coordination , corporate governance framework , cash flow , B , bank Oversight , market share , Stress testing , Financial sector stability , Insurance companies , Financial Sector Assessment Program , Global , Europe

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Summary

Economic activity has slowed, core inflation remains high, and the fiscal outlook is challenging. The financial sector has remained resilient despite a series of shocks. Belgium has made strong progress since the 2018 FSAP to enhance frameworks for financial sector oversight and crisis management. The National Bank of Belgium’s (NBB) framework for bank supervision is well embedded in the Single Supervisory Mechanism framework and the Financial Services and Markets Authority (FSMA) has a well-developed framework for product and conduct supervision of banks and insurers. However, the NBB still lacks the powers to implement macroprudential tools without government approval.