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Better Regulation in Europe: Luxembourg 2010

image of Better Regulation in Europe: Luxembourg 2010

This report maps and analyses the core issues which together make up effective regulatory management for Luxembourg, laying down a framework of what should be driving regulatory policy and reform in the future. Issues examined include: strategy and policies for improving regulatory management; institutional capacities for effective regulation and the broader policy making context; transparency and processes for effective public consultation and communication; processes for the development of new regulations, including impact assessment and for the management of the regulatory stock, including administrative burdens; compliance rates, enforcement policy and appeal processes; and the multilevel dimension: interface between different levels of government and interface between national processes and those of the EU. This book is part of a project examining better regulation, being carried out in partnership with the European Commission.

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Executive Summary

Luxembourg has experienced a severe recession, as it was heavily exposed to the drop in world trade and the global financial crisis. Since the 1980s, the main driver of the economy has been the financial sector, which currently accounts for nearly 30% of GDP (or as much as 50%, taking into account that the sector is a major consumer of legal and real estate services). Unemployment has risen and the fiscal position has deteriorated. This follows a long period of continuous and rapid economic expansion, during which living standards rose spectacularly and the economy was transformed by the development of Luxembourg as a financial centre and by large flows of cross-border and migrant workers. While there are encouraging signs of recovery, the future growth path is likely to be weaker than in the recent past, reflecting the sluggish international recovery, structural factors and a loss of competitiveness.

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