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Country Risk Service Belgium 3rd Quarter Product Image

Country Risk Service Belgium 3rd Quarter

  • ID: 2192840
  • July 2014
  • Region: Belgium
  • 21 Pages
  • The Economist Intelligence Unit

The sovereign rating score is 36. Belgium's economic fundamentals are generally stronger than most euro zone peers, although the high public-sector debt load weighs on the overall rating. Funding markets are sanguine, thanks to a relatively strong fiscal position, reasonable economic growth and loose monetary policy by the European Central Bank (ECB).

There is a risk of renewed euro volatility given the stalling economic recovery in the euro area and growing monetary policy divergence between the ECB and the Federal Reserve (the US central bank). Contagion risk from those euro zone states continuing to face economic and political difficulties has diminished.

The score improves by 2 points to 29. Belgium's banking sector is in much better shape than in the period following the 2008-09 global financial crisis but, as in several other European countries, the process of reform still has some way to go. This year's asset quality review and stress tests by the ECB may yet reveal a need for more debt write-downs and/or capital injections.

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Country Risk Service Belgium 3rd Quarter

Risk assessment
Sovereign risk
Currency risk
Banking sector risk
Political risk
Economic structure risk

Definitions
Sovereign risk
Currency risk
Banking sector risk
Political risk
Economic structure risk
Overall country risk

Sovereign risk
Current assessment
Rating outlook

Central scenario for 2014-18: Political stability

Central scenario for 2014-18: Election watch

Central scenario for 2014-18: International relations

Central scenario for 2014-18: Policy trends

Central scenario for 2014-18: Fiscal policy

Central scenario for 2014-18: Monetary policy

Central scenario for 2014-18: Economic growth

Central scenario for 2014-18: Inflation

Central scenario for 2014-18: Exchange rates

Central scenario for 2014-18: External sector

Key risk indicators

Ratings summary

Quarterly indicators

International assumptions summary

Economic structure

Public finances

Exchange rates, interest rates and prices

Financial sector

Current account

Foreign payment and liquidity indicators

External trade

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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