Paul Demarsin

Portfolio Manager, Financial Markets Department, National Bank of Belgium
Photo by Immo Wegmann

Twenty-five years of the euro: How the introduction of the single currency changed the conduct of monetary policy and payment and securities settlement systems in the euro area

The “test” Belgium had to pass to be admitted to the monetary union with a single currency included conditions related to the exchange and interest rates applicable to the Belgian franc (BEF) in the years prior to the creation of the euro.