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Frederik Delaplace Editorial Director Mediafin De Tijd & L’Echo Flemish,European, Belgian Working in Brussels Living in Flanders Managing a bilingual newsroom, producing newspaper in Fr & Dtch Dutch first name, French surname Institutionally: eager for change Economically right-wing Wealthy Oriented to the AngloSaxon world Wants more self-control Institutionally conservative Economically left-wing Slow economic recovery Oriented to southern Europe Wants to protect Belgian structures Will have to cut expenses Will have to raise taxes Will have to rethink the costly social security Will have to strengthen the financial sector … Will need (at least) 22bn € savings and new income by 2015. Economic growth above european average Belgium, one of two European countries where economic activity is now higher than before 2008 Budget deficit lower than European average Credit rating AA+ (S&P, Fitch), Aa1 (Moody’s) Unemployment lower than European average Current account surplus (families save more than budget deficit) => poor country, rich people World famous social security system Rich families and companies=> financing debt internally Sovereign debt above average, just above 100% GDP (difference with European average declining) Credit rating under negative review, largely due to banking problems Competitiveness worsening due to high labour cost (automatic inflation link), inflexible labour market Political turmoil Economic growth 2011-12 Japan US UK Spain 2012 Italy Netherlands France Germany Eurozone Belgium -2 -1 0 1 2 3 4 2011 2008: Government intervention in Fortis (sold to BNP Paribas), Dexia and KBC (capital injections and warranties) Restructuring program agreed with EU 2011: Nationalisation of Dexia Bank Belgium New problems ahead? Rating agencies very critical about Belgian debt situation …our prime minister Relatively good economic growth perspectives Dynamic corporate culture, more and more export driven (AB Inbev, Le Pain Quotidien, Univeg, Jan De Nul, Netlog…) Financial problems rather well handled, but the inheritance remains heavy, rating revision under way Poor country, rich citizens http://www.guardian.co.uk/culture/video/2011 /oct/11/bill-bailey-bunker-belgium-video [email protected] @fdelaplace