Theodore Dalrympyle doesn’t hold out much hope:
Belgium’s inability to form a central government would not matter so much if the country did not need to reduce its public spending. Though Belgium is the largest per-capita exporter of goods and services in the world and has healthy private savings, it also has a large and growing public debt—nearly 100 percent of GDP—and an annual budget deficit of more than 5 percent. With growth negligible and government bond yields rising in a currency (the euro) that the Belgians cannot inflate, retrenchment is essential, but the Walloons and the Flemish cannot agree on how to do it. The Walloons want higher taxes to maintain the current arrangements; the Flemish want lower taxes and reduced spending to promote long-term growth. The result is a stalemate. Wallonia and Flanders are like a married couple who no longer can live together but find divorce impossible because of difficulties over the settlement.
There’s a lot of that going around.