On January 12, 2023, Roland Gillet was the speaker at the economic kickoff of the Belgian business circle B19, held at the club The Merode in Brussels.
During an exchange moderated by John-Alexandre Bogaerts, Roland Gillet provided his analysis of the current global financial situation, as well as the political and energy crises we are experiencing.
The lessons of yesterday
Roland Gillet frequently encourages policymakers to adopt a pragmatic approach. He highlights the precarious state of the system and the imbalance in contributions to the common good, while insisting on the necessity of aligning concrete results with established objectives, all the while ensuring the optimization of investments funded by public resources.
"It snowed on yesterday, and we must learn the lessons.”
Europe and the Energy Crisis
Regarding the energy crisis, as a staunch advocate for Europe, he expressed concerns about the complacency with which the old continent addresses this issue, particularly in relation to the United States, which controls both hydroelectric power (“blue gold”) through its neighboring country to the north, and the dollar, which remains dominant on the international stage.
The Strength of the Swiss Franc
Through a humorous anecdote from his childhood (“the iced coffees at 7 CHF each year”), Roland Gillet highlights the credibility of the Swiss National Bank, which prioritizes its mission to keep inflation well below the 2% threshold recommended by the Maastricht Treaty in Europe. With a solid and well-managed balance sheet, the Bank enjoys genuine independence, especially since it is not called upon for support by the state, which, through its federal entities, applies a sound and rigorous budgetary policy. This monetary stability helps preserve the purchasing power of Swiss citizens and ensures financial security and credibility on the international stage.
“As a child, during my vacations in Switzerland with my parents, I enjoyed an iced coffee for 7 CHF each year. Meanwhile, in Belgium, the price of my Dame blanche increased every year. I realized that the solution to this price discrepancy was not to consume iced coffees while being Belgian, due to exchange rates, but rather to have Swiss nationality to enjoy my desserts at the same price each year.”
Valuing Our Entrepreneurs
Proud of his Ardennes roots, he concluded his remarks with a message of hope for Wallonia: “It is essential to bring forth and mobilize our entrepreneurs, valuing both technology start-ups and skilled artisans equally.” Roland Gillet is convinced that this approach is the way to transform our debts, currently barely “sustainable,” into viable and healthy debts in the long term.
Find the event on B19 and Trends-Tendances