IMF Staff Country Reports

Belgium: Financial Sector Assessment Program-Financial System Stability Assessment

Publication Date:

December 8, 2023

Electronic Access:

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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.

Series:

Country Report No. 2023/388

Subject:

Asset and liability management Financial institutions Financial Sector Assessment Program Financial sector policy and analysis Financial sector stability Insurance companies International organization Monetary policy Stress testing

Frequency:

regular