Front Matter

Front Matter Page

© 2012 International Monetary Fund

March 2012

IMF Country Report No. 12/56

Belgium: Selected Issues Paper

This paper on Belgium was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on February 24, 2012. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Belgium or the Executive Board of the IMF.

The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.

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Front Matter Page



Selected Issues

Prepared by Santiago Acosta-Ormaechea (FAD), Franziska Ohnsorge, and Sebastian Weber (both EUR)

Approved by the European Department

February 24, 2012


  • I. International Spillovers

    • A. Introduction

    • B. Trade and Financial Linkages

    • C. Fiscal Spillovers

    • D. Growth Spillovers

    • E. Banking and Sovereign Stress Spillovers

    • F. Conclusion

    • References

  • Tables

  • I.1 Trade by Regions and Countries, 2010

  • I.2 Belgian Bank Claims Abroad

  • I.3 Belgian Bank Liabilities Abroad

  • I.4. Foreign Direct Investment Positions

  • Figures

  • I.1. Belgium: Consolidated Claims by Sector and Country

  • Boxes

  • I.1: A Measure of the Effect of Global Consolidation on Growth

  • II. On A Revenue–Neutral Growth–Oriented Tax Reform For Belgium

    • A. Introduction

    • B. Overview of the Belgian Tax System

    • C. Labor and Business Taxation

    • D. Brief Overview of Other Key Taxes in Belgium

    • E. A possible Scenario for a Revenue–neutral Tax Reform in Belgium

    • F. Concluding Remarks

    • References

  • Tables

  • II.1. Illustrative Quantification of Proposed Tax Measures

  • Boxes

  • II. 1. The Early 2000s Tax Reform

  • III Towards Job-Creating Labor Market Reform

    • A Characteristics of the Labor Market

    • B Unemployment Benefits

    • C Pension System

    • D Active labor market policies

    • E Impediments and Incentives for Mobility

    • F The Importance of Labor Market Policies

    • G Further Reform Needs

    • References

  • Tables

  • III. 1. Panel OLS Regression Dependent Variable: Employment Rate

  • Boxes

  • III. 1. The Administration of Unemployment Benefits

  • Appendix Table

  • Appendix Table A1 Labor Market and Pension Reform Measures for 2012

Belgium: Selected Issues Paper
Author: International Monetary Fund