Corona Eternal savings surplus Financing the economy Deposits Mismatches

Belgium used to be known as a country with a high tendency to save. The banking sector managed to inject this savings mass into the real economy. There is hence no systematic savings surplus. However, since the beginning of the COVID crisis savings increased strongly and part of these savings must be placed overnight with the ECB. The COVID pandemic thus shows that supply and demand in our financial markets are not well aligned and that there are some missing links in our financial landscape.



Geert Gielens

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