Luxembourg : 2009 Article IV consultation : staff report, public information notice on the Executive Board discussion, and statement by the Executive Director for Luxembourg

"1. Luxembourg hosts a financial center that is large by international standards, contributing substantially to the country's prosperity. First-mover advantages, the steady strengthening of the regulatory framework under the auspices of the European Union (EU), and competitive taxation have fostered rapid financial sector development over the past three decades. Besides hosting 152 mostly foreign-owned subsidiary banks, the financial center also boasts Europe's largest investment fund industry (IFI). These foreign institutions tend to raise funding from abroad and, in turn, focus their lending and investment activities on opportunities abroad. Nevertheless, two of the largest foreign banks play a significant role in the domestic market, besides the state-owned savings bank. As such, the financial sector (FS) is the major engine of growth, the primary source of fiscal revenues, and the main reason Luxembourg's per capita income is highest in the euro area."

"Luxembourg : 2009 Article IV consultation : staff report, public information notice on the Executive Board discussion, and statement by the Executive Director for Luxembourg"@en
"Luxembourg 2009 Article IV consultation : staff report : public information notice on the Executive Board discussion : and statement by the Executive Director for Luxembourg"
"Luxembourg 2009 Article IV Consultation - Staff Report : Public Information Notice on the Executive Board Discussion : and Statement by the Executive Director for Luxembourg"
"Luxembourg : 2009 Article IV consultation ; staff report, public information notice on the Executive Board discussion and statement by the Executive Director for Luxembourg"