In the follow-up to the Experts session on Thursday, March 13, the participants revisited the recovery measures proposed by Bercy to achieve a deficit target of 5.4% of GDP (equivalent to €5 billion). Roland Gillet emphasized the necessity of controlling budgetary expenditures through a cost of debt that is not distorted by the European Central Bank's bond-buying activities.

"We consider the financing of a work of art in the middle of a roundabout to be an investment, whereas it is counterproductive, potentially dangerous, and primarily constitutes a cultural expenditure."

He reminded that quantitative easing measures were implemented with the intention of being as extraordinary and temporary interventions, especially since the massive purchase of public debt by the central bank hampers its political independence. These measures have persisted over time, culminating in 2022 with the Pandemic Emergency Purchase Programme (PEPP), during which the ECB has purchased government bonds to hold 35% of the public debt of the euro area. This trend raises concerns regarding the sustainability of public finances and the long-term impact on states' credibility regarding their capacity to repay debt.

"Fortunately, in Belgium today, there are courageous politicians who refuse such types of expenditure."

Roland Gillet advocates for the implementation of structural measures, including a 1% increase in VAT on luxury goods. He claims that this measure will not be inflationary, as the targeted luxury brands could leverage the VAT increase as a marketing opportunity by offering the additional charge to consumers, while simultaneously generating substantial revenues for the state.

Watch the second part of The Experts: "Bercy is still looking to make savings"