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FinObservatory

Crisis atlas / BEL

Belgium

35 distinct crisis events in 12 episodes, 1838–2021, from the union of five primary chronologies.

Debt profile: government debt trajectory and crisis-start levels →

28
Banking crises
7
Currency crises
0
Sovereign debt crises
35
Crisis events
1838–2021
Span

Crisis timeline

Every distinct (year, type) event, most recent first, with the chronologies flagging it. Start-year sources (GMD, JST) do not mark continuation years, so long episodes show lower agreement after their first year.

  1. 2021
    Bankingesrb1 source
  2. 2020
    Bankingesrb1 source
  3. 2014
    Bankingrr1 source
  4. 2013
    Bankingrr1 source
  5. 2012
    Bankingesrb, laeven_valencia, rr3 sources
  6. 2011
    Bankingesrb, laeven_valencia, rr3 sources
  7. 2010
    Bankingesrb, laeven_valencia, rr3 sources
  8. 2009
    Bankingesrb, laeven_valencia, rr3 sources
  9. 2008
    Bankingesrb, gmd, jst, laeven_valencia, rr5 sources
  10. 2007
    Bankingesrb1 source
  11. 2005
    Currencyrr1 source
  12. 1982
    Currencyrr1 source
  13. 1944
    Currencygmd, rr2 sources
  14. 1939
    Bankinggmd, jst, rr3 sources
  15. 1935
    Currencygmd, rr2 sources
    Bankingrr1 source
  16. 1934
    Bankingjst, rr2 sources
  17. 1931
    Bankingjst, rr2 sources
  18. 1929
    Bankinggmd1 source
  19. 1926
    Currencygmd, rr2 sources
    Bankingrr1 source
  20. 1925
    Bankingjst, rr2 sources
  21. 1916
    Currencyrr1 source
  22. 1914
    Currencygmd, rr2 sources
    Bankinggmd, rr2 sources
  23. 1885
    Bankingjst1 source
  24. 1883
    Bankinggmd1 source
  25. 1876
    Bankinggmd, jst2 sources
  26. 1871
    Bankingrr1 source
  27. 1870
    Bankinggmd, jst, rr3 sources
  28. 1849
    Bankingrr1 source
  29. 1848
    Bankinggmd, rr2 sources
  30. 1842
    Bankinggmd, rr2 sources
  31. 1839
    Bankingrr1 source
  32. 1838
    Bankinggmd, rr2 sources

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) | Jordà-Schularick-Taylor Macrohistory R6 | Laeven & Valencia (2020, 2026) | Reinhart-Rogoff via HBS BFFS | ECB/ESRB Financial Crises Database Methodology

Macro context around each episode

Inflation, central-bank policy rate, and government debt in a window of five years either side of each crisis episode (consecutive crisis years bridged across gaps of up to two years). Crisis years shaded.

1838–1842

Banking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1848–1849

Banking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1870–1871

Banking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1876

Banking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1883–1885

Banking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1914–1916

BankingCurrency
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1925–1935

BankingCurrency
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1939

Banking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1944

Currency
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1982

Currency
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

2005–2014

CurrencyBanking2008–2012: fiscal cost 6.2% of GDP, output loss 15.7% of GDP(Laeven-Valencia 2026)
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

2020–2021

Banking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) Inflation is % year over year; policy rate is the central-bank rate in %; government debt is % of GDP. Methodology