1. A short analysis of the institutional reform legislation of August 1980 allows the ascertainment that the competences «granted» by the central power to the regions are truncated.2. Financial means are also «granted». They consist in merely listing sources of revenues: receipts other then tax, black grants, tax shares, limited tax entitlement and borrowing power. Those financial means are arbitrary chosen, they are not related to the competences granted, they are insufficient.3. Anyway, the existing budgeting system (functional and economic classification) does not allow connecting policies and financial means. A new classification (program budgeting) should be of more adequacy to achieve this end.4. Actual regional sovereignty implies that all competences explicitely attributed to the federal level should belong to the regions. In the countries where such a system exists, the regions are mastering 40 to 60 % of the revenues. The kind of regionalisation implemented in Belgium only grants about 8 % to the regions. It is pointed out that 65 % of the current revenues and 46 % of the expenditures could technically be subject to federalisation. Should also the financial system of social security be federalized, then should the part of both ressources and expenditures belonging to the regions increase to 75 %. On the long way to federalism in Belgium, the new legislation is just a step, not an arrival. The forthcoming years will probably confirm it.