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The Regulation and Supervision of the Belgian Financial System (1830 - 2005)


  • Erik Buyst

    () (University of Leuven)

  • Ivo Maes

    () (National Bank of Belgium, Robert Triffin Chair, Universite catholique de Louvain, and University of Leuven.)


This paper provides an overview of the regulation and supervision of the Belgian financial system from the creation of Belgium in 1830 to the early 21st century. After severe crises, the National Bank of Belgium was created in 1850. The Great Depression led to further reforms, increasing the role of the government, especially through the establishment of the Banking Commission. In the post-war period, reforms were driven by changes in the financial landscape, especially an increasing role for market forces. In line with the despecialisation process, the responsibilities of the Banking Commission were gradually extended, becoming, in 2004, the Banking, Finance and Insurance Commission. Moreover, at the turn of the millennium, the role of the NBB in financial stability matters was enhanced.

Suggested Citation

  • Erik Buyst & Ivo Maes, 2008. "The Regulation and Supervision of the Belgian Financial System (1830 - 2005)," Working Papers 77, Bank of Greece.
  • Handle: RePEc:bog:wpaper:77

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    References listed on IDEAS

    1. Isabelle Cassiers & Valérie de Briey & Florence Degavre & Anne-Catherine Provost, 1998. "Les banques belges face à l'État : une rétrospective (1935-1993)," Revue d'Économie Financière, Programme National Persée, vol. 48(4), pages 125-155.
    2. Oosterloo, Sander & de Haan, Jakob, 2004. "Central banks and financial stability: a survey," Journal of Financial Stability, Elsevier, vol. 1(2), pages 257-273, December.
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    More about this item


    Financial regulation; Financial supervision; Belgium;

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-

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