ABSTRACT
‘The policy measures taken by the Banque Nationale de Belgique leave no doubt that cooperation and goodwill of all interested institutions are necessary for a successful monetary policy. Classic instruments of monetary policy are often not applicable because of the Treasury’s situation or because of capital flows between Belgium and other countries.’ (Jacques Finet, ‘Monetary Policy in Belgium’ in K. Holbik (ed.), Monetary Policy in Twelve Industrial Countries (Federal Reserve Bank of Boston, 1973), p.67.)
