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1. Could the decrease in Belgian government debt-servicing costs offset increased age-related expenditure?

Author:
Mikkel Barslund and Lars Ludolph
Publication Date:
06-2017
Content Type:
Commentary and Analysis
Institution:
Centre for European Policy Studies
Abstract:
This paper argues that none of the secular trends that have driven down real interest rates over the past two decades is likely to reverse in the near future. Thus, real rates can be expected to remain low and government debt-servicing costs to decrease further over the coming years. Based on these findings, the authors calculate direct gains accruing to the Belgian government from lower net debt interest payments. The savings on interest payments are then contrasted with the projected future increases in age-related expenditures on pensions, education and long-term care. The findings indicate that, if savings on interest payments are channelled to cover the increases in age-related expenditures, they will fully offset financing needs in these areas until 2030. The calculations are robust to a moderate increase in interest rates.
Topic:
International Political Economy
Political Geography:
Belgium

2. ECB Policy and Eurozone Fragility: Was De Grauwe Right?

Author:
Ana-Maria Fuertes, Elena Kalotychou, and Orkun Saka
Publication Date:
06-2014
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
Paul De Grauwe ' s fragility hypothesis states that member countries of a monetary union such as the eurozone are highly vulnerable to a self – fulfilling mechanism by which the efforts of investors to avoid losses from default can end up triggering the very default they fear. The authors test this hypothesis by applying an eclectic methodology to a time window around Mario Draghi ' s " whatever it takes " (to keep the eurozone on firm footing) pledge on 26 July 2012 . This pledge was soon followed by the announcement of the Outright Monetary Transactions (OMT) program me (the prospective and conditional purchase by the European Central Bank of sovereign bonds of eurozone countries having difficulty issuing debt) . The principal components of eurozone credit default swap spreads validate this choice of time frame . An event study reveals significant pre – announcement contagion emanating from Spain to Italy, Belgium, France and Austria. Furthermore, time – series regression confirms frequent clusters of large shocks affecting the credit default swap spreads of the four eurozone countries but solely during the pre – announcement period. The findings of this report support the fragility hypothesis for the eurozone and endorse the Outright Monetary Transactions programme.
Topic:
Economics, Foreign Exchange, International Trade and Finance, and Financial Crisis
Political Geography:
Europe, France, Belgium, and Italy

3. Extending Working Life in Belgium

Author:
Anna-Elisabeth Thum, Nicolas Contreras, and Elisa Martellucci
Publication Date:
11-2013
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This report aims at understanding how persons aged 50 years and older are and can be integrated into the working society in Belgium. We are interested in how people in this age group can be induced to engage in various forms of employment and lifelong learning. Based on secondary literature, descriptive databases as well as interviews with experts and focus groups, we find that the discussion on active ageing in Belgium is well advanced with numerous contributions by academics, stakeholders, social partners, the public administration and interest groups. The wish to retire at 60 is widely shared but at the same time the majority of Belgium's elderly are able and would be willing to work under specific conditions. Therefore, we recommend that Belgium should invest in more flexible systems including a revision of the tax scheme, such as the part-time retirement system proposed by the insurance company Delta Lloyd. An equally relevant recommendation would be to ensure that public employment agencies, employers and agencies that provide training encourage all workers to work and learn regardless of their age.
Topic:
Demographics, Economics, International Trade and Finance, and Labor Issues
Political Geography:
Europe and Belgium

4. Infringement of the European Convention on Human Rights by Belgium

Author:
Joanna Apap
Publication Date:
02-2002
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
The judgment in the case of Conka v. Belgium of 5 February 2002 by the European Court of Human Rights in Strasbourg whereby Belgium was founded guilty of infringing the European Convention on Human Rights, has much wider implications than one might think on a first reading.
Topic:
Government, Human Rights, and International Organization
Political Geography:
Europe and Belgium

5. Health Not Wealth

Author:
Daniel Gros
Publication Date:
04-1999
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Health, and not wealth, should be the decisive criterion when considering the prospects of the Central and Eastern European candidates for EU membership and the capacity of the EU to enlarge. Viewed from this perspective, the outlook is promising. The CEECs are still very poor, compared to most of the existing EU members, but they are also much more dynamic. Their growth rates are generally expected to remain around 4-5% for the foreseeable future, compared to about 2-3% for the EU. This still implies that full catch-up in terms of GDP per capita will take decades, rather than years, but full catch-up is not the relevant goal if one is concerned about enlargement. Experience in the EU has shown that problems are much more likely to arise from established rich member countries with stagnant economies (Belgium in the 1980s and part of the 1990s) than poor, but more dynamic states (e.g. Portugal and Ireland today). The fact that most of the so-called 'periphery' is now experiencing stronger growth than the 'core' confirms that EU integration benefits poorer countries even more.
Topic:
Government
Political Geography:
Europe, Belgium, Portugal, and Ireland