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Belgium is one of a small group of euro area countries that maintains indexation of wages to inflation as part of its wage setting framework. With intensified price pressures since late 2020 driving inflation to record levels, the tension between compensating workers for purchasing power losses while maintaining international competitiveness have again been highlighted. To improve the performance and viability of the current setup, several avenues of reform could be envisaged. In particular, the scope for excluding price increases in highly volatile components, like energy and food, from the indexation basis should be explored to less the need to restore competitiveness by prolonged periods of real wage restraint. Moreover, options to widen the flexibility of the indexation regime should be contemplated to alleviate the burden of firms at times of large and multiple shocks, thereby also preserving investment and employment. Finally, productivity trends should also be accounted for to capture deviations of labor costs between Belgium and its key export markets.

Money and Monetary Policy --- International Economics --- Labor --- Inflation --- Macroeconomics --- Exports and Imports --- Monetary Policy --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Aggregate Factor Income Distribution --- Price Level --- Deflation --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Incomes Policy --- Price Policy --- Trade and Labor Market Interactions --- Wage Level and Structure --- Wage Differentials --- Nonwage Labor Costs and Benefits --- Private Pensions --- Compensation Packages --- Payment Methods --- Dispute Resolution: Strikes, Arbitration, and Mediation --- Collective Bargaining --- Wages, Compensation, and Labor Costs: Public Policy --- Wages, Compensation, and Labor Costs: General --- Energy: Demand and Supply --- Prices --- Trade: General --- Monetary economics --- International institutions --- Labour --- income economics --- International economics --- Monetary policy --- International organization --- Wage indexation --- Wage setting --- Energy prices --- International agencies --- Exports --- Belgium

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With the supply of residential dwellings in the Netherlands having failed to live up to demand over the last decade, apprehension among the population about the availability of affordable housing has risen. Particularly spatial, regulatory, planning, environmental and supply chain constraints have kept a lid on construction. Recognizing the socio-economic challenges posed by inadequate housing supply, the government has embarked on an ambitious agenda with promising steps to boost the availability of affordable properties. To strengthen the traction of housing policies to reach its intended goals, a larger role for economic incentives and private sector involvement should be evaluated.

Netherlands, The

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Soaring real estate prices and valuations despite the economic downturn brought by the pandemic have focussed the attention of Dutch policymakers on potential macro-financial and socio-economic implications. In this context, our paper reviews the salient features of Dutch commercial and residential real estate markets with an eye to identify pertinent risks and challenges. While we find that the Dutch authorities have made considerable strides to strengthen real estate-related policies in recent years, some, and partly long-standing, issues remain, requiring additional efforts to bolster financial stability, address housing supply shortages and manage secular changes affecting property markets.

Macroeconomics --- Economics: General --- Industries: Financial Services --- Infrastructure --- Real Estate --- Diseases: Contagious --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Institutions and Services: Government Policy and Regulation --- Housing Supply and Markets --- Nonagricultural and Nonresidential Real Estate Markets --- Production Analysis and Firm Location: Government Policies --- Regulatory Policies --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Real Estate Markets, Spatial Production Analysis, and Firm Location: General --- Health Behavior --- Economic & financial crises & disasters --- Economics of specific sectors --- Finance --- Property & real estate --- Infectious & contagious diseases --- National accounts --- Financial institutions --- Mutual funds --- Real estate prices --- Prices --- COVID-19 --- Health --- Currency crises --- Informal sector --- Economics --- Saving and investment --- Communicable diseases --- Netherlands, The

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Zonder onderwerpscode: financiewezen

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Bond market --- Euro