Belgium

D

Currency and Banking

The monetary unit of Belgium was previously the Belgian franc of 100 centimes; however, in accordance with the Single European Currency, Belgium adopted Euro notes and coins from January 1, 2002. As at early 2007, 0.77 Euros equalled US$1. At the head of the banking system in the country is the National Bank of Belgium, established in 1850.

E

Commerce and Trade

The foreign trade of Belgium and Luxembourg is conducted jointly. The two countries formed the Belgo-Luxembourg Economic Union (BLEU) in 1921; until 1990 they operated a dual exchange rate and the Belgian franc is still legal tender in Luxembourg. In 1948 a customs union was established between the two countries and the Netherlands. It was extended in 1958 into an agreement for full economic integration. In 1960 the Benelux Economic Union became operative, establishing free movement of labour, capital, and services between the three states. In the mid-1990s the chief Belgo-Luxembourg imports—which included fuels, ores and minerals, chemicals, machinery and electrical equipment, motor vehicles, non-precious metals, transport equipment, clothing accessories, and foodstuffs—had a total annual value of US$144 billion; exports—mainly iron and steel manufactures, textiles, chemicals, machinery and transport equipment, food and livestock, and cut diamonds—had a total yearly value of about US$154 billion. Germany, France, the Netherlands, the United Kingdom, and the United States are the principal Belgo-Luxembourg trading partners. Belgium became a member of the European Coal and Steel Community in 1951. Six years later, Belgium was a founder member of both the European Economic Community (now the European Union) and the European Atomic Energy Community.

F

Labour

The total labour force is about 4.50 million workers. More than four fifths are employed in manufacturing, services, and trade. Nearly two thirds of all employees belong to three trade union groups: the General Federation of Labour, the Federation of Christian Trade Unions, and the General Federation of Liberal Trade Unions.

G

Transport

The chief access to the sea for Belgian shipping is via the Schelde and Meuse estuaries, which lie within the Netherlands. Antwerp, on the River Schelde, although some 84 km (52 mi) from the sea, is one of the busiest ports in the world. Belgium’s rivers are connected by an important system of canals. The aggregate length of canals and navigable rivers totals about 1,520 km (1,000 mi). Supplementing the waterways are about 128,345 km (79,750 mi) of local roads, 1,660 km (1,031 mi) of motorway, and 12,750 km (7,922 mi) of national and main roads, used by more than 4.6 million vehicles, and 3,542 km (2,201 mi) of railway track. The railways are state owned; no other country in the world has more railway track per unit area. Sabena, the Belgian national airline, filed for bankruptcy in November 2001. It was succeeded by a subsidiary and was renamed SN Brussels Airlines a few months later. Brussels National Airport is Belgium’s leading airport.

H

Communications

French- and Dutch-language broadcast services are provided by the government, with costs defrayed through annual licence fees on receiving sets; commercial broadcasting is also permitted. Many foreign broadcasts are also received. In 1997 some 8 million radio sets, 6 million television sets, and 456 telephones per 1,000 people were operating. Around 30 daily newspapers are published.