Luxembourg Government: « European financial markets need strong international financial sectors »
3 April 2013 | Press Releases
Luxembourg is convinced of the importance of the smooth and unhampered functioning of the single market, including for financial services, as well as of the necessity of sound public finances in order to foster prosperity and stability of the euro area as a whole.
Luxembourg will therefore not adhere to policies that intend to renationalize elements of the single market, nor introduce criteria that are contrary to the spirit of the Treaties and detrimental to our economies. The spirit is and must remain European.
As a matter of principle, Luxembourg is therefore concerned about recent statements and declarations that were made since the crisis in Cyprus sharpened by (1) making comparisons between the business model of international financial sectors in the euro area and by (2) making more general assessments of the size of the financial sector in relation to a country’s GDP and the alleged risks this poses for economic and fiscal sustainability.