In spite of the financial crisis and its aftermath, the importance of the financial sector for the Luxembourgian economy remains crucial. Among the different industries making up the financial sector, the banking sector’s direct impact on the economy in 2008 was estimated at €10.5 billion, being 10 per cent of national production (which was down 5 per cent compared to 2007) and in terms of added value it is said to represent €3.8 billion, which is 10 per cent of gDP (down 52 per cent compared to 2007). The banking sector is therefore central to the Luxembourgian economy.
Article by Franz Fayot – reproduced with permission from Law Business Research. This article was first published in The Banking Regulation Review – Second Edition (April 2011, editor Jan Putnis)