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Klein, Jean-Yves

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L'Echo - Belgium | 04/03/2015

Belgium countermands ECB policy

The Belgian government on Friday passed a draft law which suspends automatic adjustment of wages to inflation. Right after the weekend the liberal governing MR party then called for the introduction of rent control. These measures directly oppose the goals of the ECB, the liberal business paper L'Echo criticises: "The credo of the European Central Bank is to lower interest rates as much as possible to stimulate the economy and avoid the risk of deflation. But in lowering salaries - and soon perhaps rents as well - the government is doing just the opposite. And that in the name of competitiveness and social justice. The Belgian economy - and its competitive edge - would benefit much more from solid structural changes that from such purely cosmetic legal amendments. Structural changes could lastingly strengthen people's will to invest, work, do business and consume."

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