The financial sector reaches out to the government to restore the economy together
2 October 2020 - 2 min Reading time
Crucial recovery phase requires a constructive partnership
The corona crisis not only changes our daily lives, it also has a huge impact on our entire economy. Based on its social role, the financial sector has recently made a strong commitment to the economy. This remains the ambition for the future as well: the sector stands ready as a partner of the government and the new federal government to jointly ensure economic recovery. Febelfin and Assuralia make that wish concrete in a new political memorandum.
The financial sector (banks and insurers) has made every effort for companies and individuals to guide them through this difficult period and to limit the structural damage to our economy and society as much as possible. The government and the financial sector have joined forces in this, working together as partners. The sector hopes to be able to maintain that course now that the crucial recovery phase is approaching: the Federal Planning Bureau predicts a contraction of Belgian GDP by 7.4 % in 2020.
In the political memorandum, the sector promises to support the necessary reforms, and asks the government and the new federal government to be given sufficient scope for this. How? By co-financing infrastructure works. In other words: by being a crucial link in the transition to a sustainable society. For example, through loans to improve the energy efficiency of homes, through loans for e-cars, ...
In addition, the financial sector asks to be allowed to do even more: banks and insurance institutions are happy to commit themselves to permanent, constructive cooperation with the government. In this way they can contribute to the sustainable recovery of the economy and society. Because greater sustainable growth potential is crucial to be able to contribute to maintaining and financing our prosperous and solidarity-based society.
The full political memorandum can be found below.
