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) | 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)
-20-10010183318381847
Policy rate (%)
024183318381847
Govt debt (% of GDP)
0204060183318381847

1848–1849

Banking
Inflation (% y/y)
-2002040184318481854
Policy rate (%)
024184318481854
Govt debt (% of GDP)
0204060184318481854

1870–1871

Banking
Inflation (% y/y)
-50510186518701876
Policy rate (%)
0246186518701876
Govt debt (% of GDP)
0102030186518701876

1876

Banking
Inflation (% y/y)
-50510187118761881
Policy rate (%)
0246187118761881
Govt debt (% of GDP)
02040187118761881

1883–1885

Banking
Inflation (% y/y)
-10-50510187818831890
Policy rate (%)
0246187818831890
Govt debt (% of GDP)
0204060187818831890

1914–1916

BankingCurrency
Inflation (% y/y)
-50050100190919141921
Policy rate (%)
0246190919141921
Govt debt (% of GDP)
050100150190919141921

1925–1935

BankingCurrency
Inflation (% y/y)
-2002040192019251940
Policy rate (%)
02.557.5192019251940
Govt debt (% of GDP)
050100150192019251940

1939

Banking
Inflation (% y/y)
-50050100193419391944
Policy rate (%)
0123193419391944
Govt debt (% of GDP)
0100200300193419391944

1944

Currency
Inflation (% y/y)
-50050100193919441949
Policy rate (%)
024193919441949
Govt debt (% of GDP)
0100200300193919441949

1982

Currency
Inflation (% y/y)
0510197719821987
Policy rate (%)
051015197719821987
Govt debt (% of GDP)
050100150197719821987

2005–2014

CurrencyBankingFiscal cost 6.2% of GDP, output loss 15.7% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
-20246200020052019
Policy rate (%)
-2024200020052019
Govt debt (% of GDP)
050100150200020052019

2020–2021

Banking
Inflation (% y/y)
051015201520202025
Policy rate (%)
-2024201520202025
Govt debt (% of GDP)
050100150201520202025

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