Belgium

While actions in Belgium and at the European Union (EU) level have improved the Belgian financial safety net and crisis management arrangements, Belgium still faces challenges and further actions are needed to improve its operational capacity. At the EU level, the establishment of the single supervisory mechanism (SSM) and the single resolution mechanism (SRM) are important improvements. The Belgian authorities, particularly the National Bank of Belgium (NBB), continue to play a critical role in maintaining financial stability in Belgium, through participation in the SSM and the SRM, and their national roles for deposit insurance and emergency liquidity assistance (ELA) for all banks, and recovery and resolution (planning) for certain banks.