Politics

Belgium Urged to Step Up Oversight of Critical Payments Node

Belgium Urged to Step Up Oversight of Critical Payments Node

Belgium accounts for less than 3 percent of the European Union’s $17 trillion economy, but it has outsize importance to the financial system. The reason is that Belgium hosts several institutions that provide global services for the settlement of transactions, custody, and payments. Belgium is also home to SWIFT, a critical node of the global payments network.

The Grand Palace in Brussels, Belgium: the country hosts several institutions that provide global services for the settlement of transactions, custody, and payments (photo: Caro/Rupert Oberhaeuser/Newscom)

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