Fiscal decentralization in Belgium progressed substantially in 2015-19. However, as decentralization of expenditure responsibilities continued to outpace decentralization of revenue authority, vertical fiscal gaps and greater reliance on transfers from shared resources may have reduced spending...

The concept of ‘DeFi’ (decentralised finance) has gained prominence in recent years. Enabled by technological developments – in particular blockchain and smart contracts – DeFi mimics the more traditional, centralised finance ‘in an open, decentralised, permissionless way’. The...