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Economy of Luxembourg

(Redirected from Banking in Luxembourg)

The economy of Luxembourg is largely dependent on the banking, steel, and industrial sectors. Citizens of Luxembourg enjoy the highest per capita gross domestic product in the world, according to an IMF estimate in 2022.[24] Among OECD nations, Luxembourg has a highly efficient and strong social security system; social welfare expenditure stood at roughly 21.9% of GDP.[3][4][25]

Economy of Luxembourg
CurrencyEuro (EUR, €)
Calendar year
Trade organisations
EU, WTO and OECD
Country group
Statistics
PopulationIncrease 672,050 (1 January 2024)[5]
GDP
  • Increase $91.210 billion (nominal, 2024f)[6]
  • Increase $101.876 billion (PPP, 2024f)[6]
GDP rank
GDP growth
  • Decrease -1.1% (2023)[7]
  • Increase 1.3% (2024f)[7]
  • Increase 2.7% (2025f)[7]
GDP per capita
  • Increase $135,321 (nominal, 2024f)[6]
  • Increase $151,146 (PPP, 2024f)[6]
GDP per capita rank
GDP by sector
2.5% (2024f)[9]
Population below poverty line
Negative increase 21.4% at risk of poverty or social exclusion (AROPE, 2023)[10]
Negative increase 30.6 medium (2023, Eurostat)[11]
Increase 78 out of 100 points (2023)[13] (10th)
Labour force
  • Increase 335,000 (2023)[14]
  • Increase 74.1% employment rate (2023)[15]
Labour force by occupation
Unemployment
  • Negative increase 5.9% (August 2024)[16]
  • Negative increase 20.4% youth unemployment (August 2024)[17]
Average gross salary
$7,000 / $8,000 monthly (2022)
€6,000 / $7,000 monthly (2022)
Main industries
banking and financial services, construction, real estate services, iron, metals, and steel, information technology, telecommunications, cargo transportation and logistics, chemicals, engineering, tires, glass, aluminum, tourism, biotechnology
External
Exports$100 billion (2022 est.)[8]
Export goods
machinery and equipment, steel products, chemicals, rubber products, glass
Main export partners
Imports$50 billion (2022 est.)[8]
Import goods
commercial aircraft, minerals, chemicals, metals, foodstuffs, luxury consumer goods
Main import partners
FDI stock
$50 billion (31 December 2021 est.)[8]
Abroad: NA[8]
$3.112 billion (2017 est.)
$5 trillion (31 March 2022 est.)[8]
Public finances
  • 15% of GDP (2022)[18]
  • €20 billion (2022)[18]
  • €5 billion surplus (2022)[18]
  • 5% of GDP (2022)[18]
Revenues30% of GDP (2019)[18]
Expenses25% of GDP (2019)[18]
Economic aid
$1.5 billion (31 December 2021 est.)[8]
All values, unless otherwise stated, are in US dollars.
The labour productivity level of Luxembourg is one of the highest in Europe. OECD, 2012.

Sectors

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In 2013 the GDP was $60.54 billion of which services, including the financial sector, produced 86%. The financial sector comprised 36% of GDP, industry comprised 13.3% and agriculture only 0.3%.[26]

The financial center

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Banking

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Luxembourg has been part of the eurozone since 1999.

Banking is the largest sector in the Luxembourg economy. In the 2019 Global Financial Centres Index, Luxembourg was ranked as having the 25th most competitive financial center in the world, and third most competitive in Europe after London and Zürich.[27] The country has specialised in the cross-border fund administration business. As Luxembourg's domestic market is relatively small, the country's financial centre is predominantly international. At the end of March 2009, there were 152 banks in Luxembourg, with over 27,000 employees. Political stability, good communications, easy access to other European centres, skilled multilingual staff, a tradition of banking secrecy and cross-border financial expertise have all contributed to the growth of the financial sector. These factors have contributed to a Corruption Perceptions Index of 8.3 and a DAW Index ranking of 10 in 2012; the latter the highest in Europe.[28] Germany accounts for the largest-single grouping of banks, with Scandinavian, Japanese, and major US banks also heavily represented. Total assets exceeded €929 billion at the end of 2008. More than 9,000 holding companies are established in Luxembourg. The European Investment Bank—the financial institution of the European Union—is also located there.

Luxembourg enterprises expected negative investment in 2023 due to slowing economic growth and tighter monetary policy. The net balance of enterprises anticipating an increase in investment minus those expecting a fall is negative at -4%, far lower than the EU average of 14%.[29]

Holdings

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Since the Holding Act of 1929, Luxembourg has been an attractive location for tax avoidance.[30] A network of lawyers, bankers and political elites have since then maintained an infrastructure of regulatory codes, legal expertise and shell companies that enable tax avoidance.[31] Concern about Luxembourg's banking secrecy laws, and its reputation as a tax haven, led in April 2009 to it being added to a "grey list" of nations with questionable banking arrangements by the G20,[32] a list from which it was removed in 2009.[33] This concern has led Luxembourg to modify its tax legislation to avoid conflict with the tax authorities of European Union Members. For example, the classic tax exempt 1929 Holding Company was outlawed 31 December 2010, as it was deemed an illegal state aid by the European Commission.[34]

The early beginnings of the financial center
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Contrary to the belief of a large number of national historians, the financial center of Luxembourg was not a product that simply saw success out of nowhere in the 70s.[35] In their article, Calabrese and Majerus argue that the Holding Law of 1929 (H29) was more than just a historical side note, but rather a foundation that laid the future of the country’s financial success. In essence the law was a legal tool that would help companies in avoiding double taxation on financial assets,[30] mainly by creating a dummy corporations and profiting from the low taxes the country offered for these kinds of companies. The newly introduced Holding regime was successful. Within a span of three years, the capital estimations for the holding companies not only met but exceeded expectations, reaching a total surpassing 2 billion Luxembourg francs.[31] Among the biggest holdings was The Ford Investment Company set up in early 1930. The Holding, enabled by the legislation, could avoid UK tax on the dividends of its subsidiary companies in Europe. This type of company could however, also be used to loan money or make investments, like in the case of Ford by buying factories for European subsidiaries for example.[31] The Law was accompanied by the creation of the Luxembourg Stock Exchange a year earlier, which would constitute another important institution to round off the construction of a national financial center.[36] In the interwar period, the role these Holding companies played as a source of revenue started to materialize. While the discussions on the adoption of the Holding Law saw opposition members argue against it,[30] discussions on later modifications on the Law would not see a strong opposition anymore due to its contribution to the state’s tax revenues.

H29 also enabled the creation of networks and practices. Following its implementation, Luxembourg experienced the establishment of a network involving lawyers, banks, and notaries closely associated with the local political elite. This network successfully developed and maintained an infrastructure comprising regulatory codes, legal expertise, and shell companies, rendering it appealing within the European market for tax avoidance.[31] Additionally, H29 majorly contributed to the establishment of a legal framework that would pave the way for the future use of investment funds,[30] by establishing a positive reputation among investors and proving itself to be a competent key-player on the market. As a result, Luxembourg was chosen in 1963 to list the first and a large part of the Eurobonds on the Luxembourg Stock Exchange,[37] a choice that only could have been made with the awareness of a financial center that could keep up with others such as London, which were also used in the case of Eurobonds.

Consequently, the Holding Law of 1929 had a large and long lasting impact on the construction of a domestic financial place, an impact that should not be disregarded when presenting the economic history of the country.

Steel

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Main article: Steel industry in Luxembourg

A key event in the economic history of Luxembourg was the 1876 introduction of English metallurgy[citation needed]. The refining process led to the development of the steel industry in Luxembourg and founding of the Arbed company in 1911.

The restructuring of the industry and increasing government ownership in Arbed (31%) began as early as 1974. As a result of timely modernization of facilities, cutbacks in production and employment, government assumption of portions of Arbed's debt, and recent cyclical recovery of the international demand for steel, the company is again profitable. Its productivity is among the highest in the world. US markets account for about 6% of Arbed's output. The company specializes in production of large architectural steel beams and specialized value-added products. There has been, however, a relative decline in the steel sector, offset by Luxembourg's emergence as a financial center. In 2001, through the merger with Aceralia and Usinor, Arbed became Arcelor. Arcelor was taken over in 2006 by Mittal Steel to form Arcelor-Mittal, helmed by Lakshmi Mittal, the largest steel producer in the world.

Telecommunications

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Main article: Telecommunications in Luxembourg

Government policies promote the development of Luxembourg as an audiovisual and communications center. Radio-Television-Luxembourg is Europe's premier private radio and television broadcaster. The government-backed Luxembourg satellite company SES (formerly Société Européenne des Satellites) was created in 1986 to install and operate a satellite telecommunications system for transmission of television programs throughout Europe. The first SES Astra satellite, the 16-channel RCA 4000 Astra 1A, was launched by the Ariane Rocket in December 1988. SES presently constitutes the world largest satellite services company in terms of revenue.

67% of Luxembourg enterprises use innovative digital technologies. Luxembourg firms choose robots (74%), IoT (43%), and Digital Platforms (42%), over other digital technologies.[38]

Tourism

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Main article: Tourism in Luxembourg

Tourism is an important component of the national economy, representing about 8.3% of GDP in 2009 and employing some 25,000 people or 11.7% of the working population.[39] Despite the current crisis, the Grand Duchy still welcomes over 900,000 visitors a year who spend an average of 2.5 nights in hotels, hostels or on camping sites.[40] Business travel is flourishing representing 44% of overnight stays in the country and 60% in the capital, up 11% and 25% between 2009 and 2010.[41]

Agriculture

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Luxembourg's small but productive agricultural sector is highly subsidized, mainly by the EU and the government. It employs about 1–3% of the workforce. Most farmers are engaged in dairy and meat production. Vineyards in the Moselle Valley annually produce about 15 million litres of dry white wine, most of which is consumed within Luxembourg and also in Germany, France, and Belgium on a lesser scale.[citation needed]

Data

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In 2022, the sector with the highest number of companies registered in Luxembourg is Finance, Insurance, and Real Estate with 89,748 companies followed by Services and Retail Trade with 31,658 and 6,571 companies respectively.[42]

The following table shows the main economic indicators in 1980–2017. Inflation under 2% is in green.[43]

Year GDP
(in Bil. US$ PPP) 		GDP per capita
(in US$ PPP) 		GDP

(in bil. US$ nominal)

GDP growth
(real) 		Inflation rate
(in Percent) 		Unemployment
(in Percent) 		Government debt
(in % of GDP)
1980 5.7 15,611 6.4  3.2%  6.3% 0.7% n/a
1981  6.3  17,153  5.5  0.8%  8.1%  1.0% n/a
1982  6.7  18,391  4.6  1.0%  9.4%  1.3% n/a
1983  7.1  19,478  4.5  1.9%  8.7%  1.6% n/a
1984  7.7  21,106  4.4  4.7%  5.6%  1.7% n/a
1985  8.4  22,956  4.5  5.6%  14.8%  1.7% n/a
1986  9.4  25,638  6.6  10.0%  0.3%  1.5% n/a
1987  10.1  27,155  8.2  4.0%  −0.1%  1.7% n/a
1988  11.3  30,223  9.3  8.5%  1.4%  1.5% n/a
1989  12.9  34,137  9.9  9.8%  3.4%  1.4% n/a
1990  14.1  36,863  12.6  5.3%  3.7%  1.3% n/a
1991  15.8  40,826  13.7  8.6%  3.1%  1.4% n/a
1992  16.5  41,943  15.3  1.8%  3.2%  1.6% n/a
1993  17.6  44,115  15.7  4.2%  3.6%  2.1% n/a
1994  18.6  46,104  17.5  3.8%  2.2%  2.7% n/a
1995  19.3  47,516  20.6  1.4%  1.9%  3.0% 8.9%
1996  19.9  48,412  20.5  1.5%  1.2%  3.2%  8.6%
1997  21.5  51,502  18.4  5.9%  1.4%  3.3%  8.5%
1998  23.1  54,757  19.3  6.5%  1.0%  3.1%  8.1%
1999  25.4  59,529  21.1  8.4%  1.0%  2.9%  7.1%
2000  28.8  65,079  21.2  8.4%  3.8%  2.2%  6.5%
2001  29.6  67,331  21.4  2.5%  2.4%  2.0%  6.9%
2002  31.2  70,249  23.6  3.8%  2.1%  2.5%  6.8%
2003  32.3  72,127  29.7  1.6%  2.5%  3.3%  6.8%
2004  34.4  75,663  35.0  3.6%  3.2%  4.0%  7.3%
2005  36.7  79,480  37.7  3.2%  3.7%  4.0%  7.4%
2006  39.7  84,722  42.9  5.2%  3.0%  4.0%  7.8%
2007  44.2  92,837  51.6  8.4%  2.7%  4.0%  7.7%
2008  44.5  91,977  58.8  −1.3%  4.1%  4.1%  14.9%
2009  42.9  86,894  54.4  −4.4%  0.0%  5.6%  15.7%
2010  45.5  90,662 56.3  4.9%  2.8%  6.0%  19.8%
2011  47.6  92,970  61.7  2.5%  3.7%  6.0%  18.7%
2012  48.3  92,102  59.8  −0.4%  2.9%  6.1%  21.7%
2013  50.9  94,824  65.2  3.7%  1.7%  6.8%  23.7%
2014  54.8  99,738  68.8  5.8%  0.7%  7.1%  22.7%
2015  57.0  101,255  60.1  2.9%  0.1%  6.8%  22.0%
2016  59.5  103,286  62.2  3.1%  0.0%  6.3%  20.8%
2017  62.8  106,373  65.7  3.5%  2.1%  5.8%  23.0%

Energy

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Main article: Energy in Luxembourg

In 1978, Luxembourg tried to build a 1,200 MW nuclear reactor but dropped the plans after threats of major protests.[44] Currently, Luxembourg uses imported oil and natural gas for the majority of its energy generation.[45]

Spaceflight and space resource extraction

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Luxembourg is a member of the European Space Agency[46] where Luxembourg contributed 23 million Euros in 2015.[47]

The world's biggest satellite operator (SES) has its origin and headquarters in Betzdorf, Luxembourg.[48]

In February 2016, the Government of Luxembourg announced that it would attempt to "jump-start an industrial sector to mine asteroid resources in space" by, among other things, creating a "legal framework" and regulatory incentives for companies involved in the industry.[49][50] By June 2016, announced that it would "invest more than US$200 million in research, technology demonstration, and in the direct purchase of equity in companies relocating to Luxembourg."[51] By April 2017, three space mining corporations had established headquarters in Luxembourg.[52]

Luxembourg's new law took effect in August 2017, ensuring that private operators can be confident about their rights on resources they extract in space. The law provides that space resources can be owned by anyone, not just by Luxembourg citizens or companies."[53]

Transportation

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Main article: Transportation in Luxembourg

Luxembourg has efficient road, rail and air transport facilities and services. The road network has been significantly modernised in recent years with 147 km of motorways connecting the capital to adjacent countries. The advent of the high-speed TGV link to Paris has led to renovation of the city's railway station while a new passenger terminal at Luxembourg Airport has recently been opened. The airport has known a sustained growth in passenger numbers during the last years (2015: 2.7 mio, 2020 : 4 mio expected), and the second stage of expansion is on its way.

Trams have been reintroduced to the capital (first core line operative in end 2017) and further lines are planned, including a tram/light-rail to Esch-sur-Alzette. In 2019, almost all public transport was made free to use for both residents and visitors.

See also

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References

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  1. ^ "World Economic Outlook Database Groups and Aggregates Information". IMF.org. International Monetary Fund.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ a b Kenworthy, Lane (1999). "Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment" (PDF). Social Forces. 77 (3): 1119–1139. doi:10.2307/3005973. JSTOR 3005973. Archived (PDF) from the original on 10 August 2013.
  4. ^ a b Moller, Stephanie; Huber, Evelyne; Stephens, John D.; Bradley, David; Nielsen, François (2003). "Determinants of Relative Poverty in Advanced Capitalist Democracies". American Sociological Review. 68 (1): 22–51. doi:10.2307/3088901. JSTOR 3088901.
  5. ^ "Reduced population growth in 2023". statistiques.public.lu. Retrieved 10 September 2024.
  6. ^ a b c d "World Economic Outlook database: October 2024". imf.org. International Monetary Fund.
  7. ^ a b c "World Economic Outlook database: October 2024". International Monetary Fund. 22 October 2024.
  8. ^ a b c d e f g h i j "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 29 October 2024.
  9. ^ "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.
  10. ^ "Persons at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat. Retrieved 11 September 2024.
  11. ^ "Gini coefficient of equivalised disposable income by age". ec.europa.eu/eurostat. Eurostat. Retrieved 11 September 2024.
  12. ^ a b "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 September 2024.
  13. ^ "Corruption Perceptions Index". Transparency International. 30 January 2024. Archived from the original on 30 January 2024. Retrieved 15 July 2024.
  14. ^ "Employment and activity by sex and age - annual data". ec.europa.eu/eurostat. Eurostat. Retrieved 11 September 2024.
  15. ^ "Employment and activity by sex and age - annual data". ec.europa.eu/eurostat. Eurostat. Retrieved 11 September 2024.
  16. ^ "Unemployment by sex and age - monthly data". ec.europa.eu/eurostat. Eurostat. Retrieved 7 October 2024.
  17. ^ "Unemployment by sex and age - monthly data". ec.europa.eu/eurostat. Eurostat. Retrieved 7 October 2024.
  18. ^ a b c d e f "Euro area and EU27 government deficit both at 0.5% of GDP" (PDF). ec.europa.eu/eurostat. Eurostat. Retrieved 28 April 2020.
  19. ^ "Archived copy" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  20. ^ "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  21. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 11 September 2024.
  22. ^ a b c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 31 May 2011.
  23. ^ "Scope affirms the Grand Duchy of Luxembourg at AAA with Stable Outlook". Scope Ratings. Retrieved 25 May 2024.
  24. ^ "World Economic Outlook Database, October 2022". IMF.org. International Monetary Fund. 11 October 2022. Retrieved 13 October 2022.
  25. ^ "Social Expenditure – Aggregated data". Organisation for Economic Co-operation and Development.
  26. ^ "The World Factbook". Central Intelligence Agency. 20 June 2014. Retrieved 16 November 2014.
  27. ^ "The Global Financial Centres Index 21" (PDF). Long Finance. March 2017. Archived from the original (PDF) on 11 June 2017.
  28. ^ Transparency International, 2008
  29. ^ Bank, European Investment (31 January 2024). EIB Investment Survey 2023 - Luxembourg overview. European Investment Bank. ISBN 978-92-861-5673-1.
  30. ^ a b c d Calabrese, Matteo; Majerus, Benoît (2023). "Archaeology of a Treasure Island: Actors and Practices of Holding Companies in Luxembourg (1929–1940)". Contemporary European History: 1–18. doi:10.1017/S0960777323000437. ISSN 0960-7773.
  31. ^ a b c d Calabrese, Matteo; Majerus, Benoît (2023). "Archaeology of a Treasure Island: Actors and Practices of Holding Companies in Luxembourg (1929–1940)". Contemporary European History: 1–18. doi:10.1017/S0960777323000437. ISSN 0960-7773.
  32. ^ "Country profile: Luxembourg". BBC. 8 November 2011. Retrieved 31 December 2018.
  33. ^ "Luxembourg and Belgium removed from 'grey list'". European voice. 29 July 2009.
  34. ^ Luxembourg Company Registration Healy Consultants Retrieved 3 September 2013.
  35. ^ Majerus, Benoît; Zenner, Benjamin (3 July 2020). "Too small to be of interest, too large to grasp? Histories of the Luxembourg financial centre". European Review of History: Revue européenne d'histoire. 27 (4): 548–562. doi:10.1080/13507486.2020.1751587. ISSN 1350-7486. S2CID 219469008.
  36. ^ Haag, Emile (11 June 2015). The Rise of Luxembourg from Independence to Success: 1815-2015 - A Historical Portait - Two hundred years of modern Luxembourg history. Luxembourg: Editions Saint - Paul. ISBN 978-2-87963-980-2.
  37. ^ Zenner, Benjamin (5 January 2021). "Banco Ambrosiano : les sociétés holding et la place financière luxembourgeoise entre scandalisation et banalisation". Entreprises et histoire. 101 (4): 88–99. doi:10.3917/eh.101.0088. ISSN 1161-2770. S2CID 234912990.
  38. ^ Bank, European Investment (31 January 2024). EIB Investment Survey 2023 - Luxembourg overview. European Investment Bank. ISBN 978-92-861-5673-1.
  39. ^ "Lux is the place to be for business travellers", News 352, 10 February 2011. Retrieved 14 February 2011.
  40. ^ "Bulletin du Statec n°6-2010". (in French) Retrieved 14 February 2011.
  41. ^ "La saison touristique 2010 : une stabilisation à bas niveau", Ministère des Classes moyennes et du Tourisme. (in French) Retrieved 14 February 2011.
  42. ^ "Industry Breakdown of Companies in Luxembourg". HitHorizons.
  43. ^ "Report for Selected Countries and Subjects". www.imf.org. Retrieved 7 October 2018.
  44. ^ "Reactors." Wise – Nuclear issues information services. July 1978. <http://www10.antenna.nl/wise/index.html?http://www10.antenna.nl/wise/b2/reactors.html Archived 19 February 2012 at the Wayback Machine>
  45. ^ "LUXEMBOURG – Energy Mix Fact Sheet." Europa. January 2007. "Archived copy" (PDF). Archived from the original (PDF) on 19 December 2008. Retrieved 25 September 2008.{{cite web}}: CS1 maint: archived copy as title (link)
  46. ^ "About ESA - Romania accedes to ESA Convention". ESA. Archived from the original on 15 January 2012. Retrieved 14 January 2012.
  47. ^ "ESA Budget for 2015". esa.int. 16 January 2015.
  48. ^ "Our History". SES - Beyond Frontiers. SES. Archived from the original on 30 March 2023. Retrieved 23 January 2018.
  49. ^ de Selding, Peter B. (3 February 2016). "Luxembourg to invest in space-based asteroid mining". SpaceNews. Retrieved 6 February 2016. The Luxembourg government on 3 Feb. announced it would seek to jump-start an industrial sector to mine asteroid resources in space by creating regulatory and financial incentives.
  50. ^ "Luxembourg plans to pioneer asteroid mining". ABC News. 3 February 2016. Retrieved 8 February 2016. The Government said it planned to create a legal framework for exploiting resources beyond Earth's atmosphere, and said it welcomed private investors and other nations.
  51. ^ de Selding, Peter B. (3 June 2016). "Luxembourg invests to become the 'Silicon Valley of space resource mining'". SpaceNews. Retrieved 4 June 2016.
  52. ^ "Space Resources". 21 August 2019.
  53. ^ Cookson, Clive (19 October 2017). "Space mining takes giant leap from sci-fi to reality". Financial Times. Archived from the original on 10 December 2022.

Further reading

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  • Kirsch, R. (1971). La croissance de l'économie luxembourgeoise. Luxembourg City.{{cite book}}: CS1 maint: location missing publisher (link)
  • Bauler, A. (2001). Les fruits de la souveraineté nationale. Essai sur le développement de l'économie luxembourgeoise de 1815 à 1999: une vue institutionnelle. Luxembourg City.{{cite book}}: CS1 maint: location missing publisher (link)
  • Leboutte, R.; Puissant, J.; Scuto, D. (1998). Un siècle d'Histoire industrielle (1873–1973). Belgique, Luxembourg, Pays-Bas. Industrialisation et sociétés. Brussels.{{cite book}}: CS1 maint: location missing publisher (link)
  • Majerus, Benoît & Benjamin Zenner (2020) "Too small to be of interest, too large to grasp? Histories of the Luxembourg financial centre." European Review of History
  • Margue, P.; Jungblut, M.-P. (1990). Le Luxembourg et sa monnaie. Luxembourg City.{{cite book}}: CS1 maint: location missing publisher (link)
  • Trausch, G.; de Vreese, M. (1995). Luxembourg et les banques. De la révolution industrielle au 7e centre financier mondial. Luxembourg City.{{cite book}}: CS1 maint: location missing publisher (link)
  • Trausch, Gérard (July 2012). Les mutations économiques et sociales de la société luxembourgeoise depuis la révolution française (PDF). Cahiers économiques (in French). Luxembourg City: STATEC.
  • Weber, P. (1950). Histoire de l'économie luxembourgeoise. Luxembourg City.{{cite book}}: CS1 maint: location missing publisher (link)
  • Wey, C., ed. (1999). L'économie luxembourgeoise au 20e siècle. Luxembourg City.{{cite book}}: CS1 maint: location missing publisher (link)

Notes

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