The report, drawn up by the federal planning bureau, included an analysis of the effects on the federal budget if a proposal to hive off some federal competencies to the regions were to come into force. According to the bureau, the transfer of powers could not go hand-in-hand with the full transfer of budgets because that would leave the federal government with no margin to pay for pressing concerns, like the ageing of the population.

The report suggested a transfer of only 80% of the budget for any given item, something the regions have contested. In current circumstances, the federal government will be required by 2015 to either cut spending by 36% or find 36% more income, either via taxations like VAT or by raising income tax. If state reform were to lead to some responsibilities being transferred to the regions, the shortfall could go as high as 50%.

In February, the report was ready for publication and went to Leterme for approval. He asked the planning bureau not to publish immediately but to send it to the National Bank for advice "because of the delicate matter of the report and the volatility of the financial markets at that moment".

The government had been trying to calm the worries of the financial markets since the beginning of the year, in the run-up to two major bond issues that threatened to be ruined if the markets lacked confidence in Belgium's ability to honour its debts. According to Leterme, the report of the planning bureau would have fed into negative feelings, leading investors to demand higher rates of interest for bonds, or even putting them off buying altogether.