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

Published [Washington, D.C.] : International Monetary Fund, ©2009

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Description 1 online resource : illustrations (some color) Series IMF country report ; no. 09/178 IMF country report ; no. 09/178. Summary 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 Notes Cover title "June 2009." Print version record Subject International Monetary Fund -- Luxembourg SUBJECT International Monetary Fund fast Subject Global Financial Crisis, 2008-2009. Financial crises -- Luxembourg Finance -- Luxembourg Fiscal policy -- Luxembourg Risk -- Luxembourg Liquidity (Economics) Economic history Economic policy Finance Financial crises Fiscal policy Liquidity (Economics) Risk SUBJECT Luxembourg -- Economic conditions Luxembourg -- Economic policy Subject Luxembourg Form Electronic book Author International Monetary Fund. ISBN 1280889721 9781280889721 9781451824384 1451824386

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