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OECD Economic Surveys: Luxembourg 2010

image of OECD Economic Surveys: Luxembourg 2010

OECD's 2010 survey of Luxembourg's economy.  This edition includes chapters covering recovery from the crisis, achieving sustainable improvements in living standards, making the labour market work better and the Luxembourg financial centre and the crisis.

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The Luxembourg financial centre and the international financial crisis

Over past decades, Luxembourg has emerged as a major international financial centre. This has been crucial to the development of its economy and the financial sector has come to play a large role in economic activity, employment and government revenues. The financial centre is specialised in the management of interbank liquidity for international cross-border banks and asset management activities. The global financial crisis has had a strong impact on the financial sector with a substantial contraction of banks’ balance sheets, mostly related to lower interbank lending, and a fall in the value of assets under management due to the drop in equity prices.

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