With the globalization of the money market in the late 1980s, it is “strangers” who need to be influenced. You have to “convince the market” 😶

The case of the Belgian Central Bank highlights the “critical” dimension of this transformation: here, the communication effort is designed to replace a “familialist” modus operandi based on consultation with the heads of the country's major banks.

The “transparency turn” of the Central Banks has been interpreted both as a simple improvement dictated by common sense, and as a strategic maneuver to emancipate themselves from the State.

The fund-of-funds phenomenon is gaining momentum, and is the main (if not the only) vehicle for globalization in the Belgian market (which is otherwise dominated by banking groups).

In 2021, Belgian residents are investing over 100% of GDP in funds. The post-crisis recovery was supported by institutional investors (insurance companies, pension funds and funds of funds).

(Wealthy) Belgian households love funds. Or rather: they've been led by ultra-dominant banking groups to love bank funds.