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U L!J[à]U LM JU L!JLLIU ]U I[^U I[^IU U U ]LÜ LSU FINANCIAL CENTRE
ECONOMY
GOVERNMENT
TOURISM
Bourse de Luxembourg
Boulevard Royal
Chambres des députés
Casino Luxembourg - Forum d'art contemporain
BANKING HOTSPOT AND INVESTMENT FUND INDUSTRY
A STEEL GIANT AND SATELLITE PROVIDER
IN THE HEART OF EUROPE
A HUB OF CULTURE
An independent country since 1839,
As the Capital of the country, Luxembourg
Ranked 8th in the world, the Luxembourg
The origin of Luxembourg's economic
the Grand Duchy of Luxembourg is a consti
City offers a rich cultural life, which also
financial centre is not only the largest
development goes back to the discovery
tutional monarchy with a parliamentary
benefits from a strategic position, at the
investment fund and captive reinsurance
of iron ore in the south-western part of the
democracy. The official head of state
crossroads of European cultural dynamics.
centre in Europe but also the largest private
country at around 1850. The steel industry
is HRH Grand Duke Henri, who succeeded
The newly opened Museum of Modern Art
banking centre in the Eurozone.
has constituted since then the backbone
his father, Grand Duke Jean, to the throne
(MUDAM), designed by Sino-American archi
Its success is based on the country's social
of the fuxembourgish economy. In the 1970s
in 2000. Following parliamentary elections
tect I.M. Pei, the new Philharmonie concert
and political stability, on its modern legal
and 1980s, steel production however suffered
in June the Grand Duke asked Jean-Claude
hall and the refurbished Grand Théâtre de
and regulatory framework - nurtured by a
gravely because of the two oil crises and
Juncker, who has been prime minister since
la Ville de Luxembourg have turned the
close co-operation between the government,
the worldwide overproduction in the steel
1995, to form a new government. Juncker's
Luxembourgish capital into one of the main
the legislator and the private sector - as well
sector that put a lot of pressure on prices.
Christian Social People's Party (CSV) has been
cultural hotspots of the region. Apart from that, Luxembourg City can look back at a
as on its international openness.
Today, ArcelorMittal (formerly ARBED), the
the senior coalition partner in successive
These genuine features have contributed to
biggest steel company in the world with
governments since 1979 and gained two
rich history of more than a thousand years
attract banks, insurance companies, invest
1 0 % of world steel output and an annual
seats in the June elections. It is currently
that can be explored when visiting the
ment fund promoters and specialised service
turnover of 105.2 billion dollars, is still
negotiating terms of a continuation of its
underground tunnels "Casemates" or going
providers from all over the world.
the biggest private employer in the country
coalition with the Luxembourg Socialist
for a walk along the fortress on the Wenzel
The Luxembourg financial centre is character
with 5,870 employees. Since the 1980s, the
Workers' Party (LSAP), led by Jean Asselborn,
path. However, Luxembourg as a country
ised by a strong culture of investor protection
banking sector has come to play a predomi
who was deputy prime minister and foreign
has more to offer. The h illy Ardennes region
and rigorous anti money-laundering policies,
nant role in the economy, but other sectors
minister in the last government. The com
in the north is home to a number of beauti
have also expanded, such as the telecom
position of the new government, which has
ful castles like Vianden or Clervaux, which houses Edward Steichen's "The Family of
munications sector with the RTL Group
a mandate for five years, is expected to be
multicultural workforce enables the financial
and the recent installation of the European
announced before the end of July.
Man" photo exhibition. The Moselle valley, which borders Germany, invites you to taste
headquarters of Amazon and eBay in
Located in the heart of Europe, Luxembourg
international clientele. The financial sector
Luxembourg. Satellite operator SES, whose
is one of the six founding members of the
some good Luxembourgish white w ines,
is one of the main employers in Luxembourg
global satellite fleet reaches 9 9 % of the
European Coal and Steel Community in 1951,
w hile the south of the country, also known
and contributes to over 3 0 % of its GDP.
world population, is yet another star on
the precursor to the EU. The Luxembourgish
as "Minett", gives you the opportunity to
the Luxembourgish business heaven. The
capital is home to a number of European
dig into Luxembourg's industrial past at the
Luxembourg economy is a major employer
institutions: the European Court of Justice,
site of Esch-Belval. Moreover, Luxembour
industry to meet the requirements of their
IN NUMBERS Banks: 151 (April 09) Employment in the financial sector: 93,196 (December 08) Net assets in Luxembourg funds: 1,593 billion euros (April 09) Growth in fund industry: -15.9 6 % (April 08 - April 09) (Sources: CSSF)
USEFUL WEBSITES General information: www.luxembourgforfinance.lu Ministry of Finance: w w w .m f.public.lu Banking Association (ABBL): w w w .abbl.lu Investment Fund Industry Association (ALFI): w w w .alfi.lu Luxembourg Stock Exchange/ Finesti: www . bourse. Iu/w w w .finesti. Iu ACA (Association des Compagnies d'Assurances du Grand-Duché de Luxembourg): w w w .aca.lu
8 F lY D O S C f r P E I
in the Greater Region as over 190,000 cross-
the European Court of Auditors, Eurostat,
gish cuisine offers a vast array of culinary
border commuters travel to work every day
the Office for Official Publications of the
experiences from French to Italian, or what
in the Grand Duchy.
European Communities, the European Invest
ever your stomach desires.
ment Bank, and buildings for the European
IN NUMBERS Currency: euro GDP growth in 2008: -0 .9 % Unemployment rate: 5 .5 % (April 09) Employment: 338,538 (April 09) Cross-border commuters: 199,536 (April 09) Inflation: -0 ,3 % (May 09) (Source: Statec)
Commission and the European Parliament.
IN NUMBERS Population: 993,500 (January 09) Foreign population: 93- 7% (January 09) Size: 2,586.9 km 1 Official languages: German, French and Luxembourgish (Source: Statec)
USEFUL WEBSITES Ministry of Economy: w w w .eco.public.lu Luxembourg Chamber of Commerce: w w w .cc.lu Statistics office: w w w .statistiques.public.lu Business Guide Luxembourg: w w w .index.lu
USEFUL WEBSITES Luxembourg Government: www.gouvernement.lu The Grand Ducal Family: w w w .m onarchie.lu Luxembourg and Europe: w w w .ena.lu European Court of Justice: www.curia.europa.eu
IN NUMBERS Visitors per years: 970,300 (2006) Hotels and cam ping sites: 371 (2007) Accommodation for: 55,295 (December 07) (hotels + camping sites) (Source: Statec)
USEFUL WEBSITES Luxembourg National Tourist Office: w w w .ont.lu Restaurant guide: www .explorator.lu
Photos: BEI, Etienne Delorme, Olivier Minaire, Luc Deflorenne
underpinned by a competent and proactive supervisory authority, the CSSF. A multilingual,