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Belgium’s Public Debt: Profile, Dynamics, and Vulnerabilities

With the European sovereign debt crisis still unfolding, European countries with a high public deficit or debt are now more closely scrutinized by investors. This paper examines the profile and dynamics of the public debt of Belgium, and discusses the challenges of achieving public debt sustainability. Notwithstanding the effective debt management operations and investor relations management, the high debt burden, the maturity profile, and the reliance on short-term foreign funding expose the country to sudden shifts of market sentiment as well as credit and liquidity risk. It demonstrates the pressing challenge Belgium faces in restoring public finance soundness and underlies the urgent need to achieve credible and successful fiscal consolidation.