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The big problem to solve is how to proclaim the Flemish Republic. It will be hard to do that legally within the Belgian context, for the simple reason that the approval of the federal and the Walloon parliament will be needed, a very unlikely thing to happen. But should the Belgian constitution be considered in this matter? The United Nations know a thing called `the right of self-determination' for peoples, which permits taht a people decides autonomously what sort of relations it wants with other peoples, and the stateform it wants. Clearly, in this context, the Flemish parliament can legally proclaim the Republic and end its Belgian tie with Wallonia. This was also suggested by an MP of the Vlaams Blok, as oldest MP residing as president of the Flemish parliament at its first session.
Still, after the installation of the Flemish Republic, other problems will come luring, like how to separate the patrimonium, separation of the national debts and the status of Brussel. Problems like the membership of the European Union or the United Nations can be dealt with using the example of the split up of Czechoslovakia into Czechia and Slovakia, where both new countries were recognized as the successors of their mother country. This example can also be used in matters such as the new nationality of the citizens, and separating the patrimonium. This patrimonium includes the embassies abroad, federal buildings, museums, etc...
The separation of the debts will be a much more difficult problem. For once, it is expected taht the Walloons won't demand a 50-50 rule, but a rule according to the populations ratios. With slyness of the Flemish politicians in mind, this is probably about the best they can ever get. Nevertheless, in theory, it should be looked into exactly who caused which debts, and separated that way. A large amount of the debts probably could be assigned this way.
Finally, the problem of the status of Brussel remains. Brussels and an Independent Flanders deals further with that.
The possibility that the Flemish Republic will be proclamated one day is not so hypothetical any more as it was say ten years ago. Th simple fact that already two parties strongly favourig the idea have seats in the Flemish parliament is a clear sign, and a matter of great concern in Belgian circles. It is likely though that at places having stake in Belgium, like for example Paris, London, Washington but also the Belgian National Bank, the plans for what to do next when that day comes, are already made and ready to be executed.