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      Luxembourg backs UK government regarding Financial Transaction Tax

      Luxembourg backs UK government regarding Financial Transaction Tax

      Luxembourg for Finance participated at the London City Week, anannual forum for the discussion of current issues facing the international financial services community.Organised this year under the topic “The role of International Finance in Driving Growth in the Global Economy”, the forum gathered participants from more than 50 countries, including Luxembourg.

      Luc Frieden, Luxembourg minister of finance, took part in a panel on “ the future of the Euro and the potential for a banking union”on the opening day. In his speech, he insisted on the importance of the three pillars of the banking union which need to be set up properly and equally in every member state. A single supervisory mechanism is only the first of these three pillars. A European deposit guarantee scheme and a bank resolution fund need to be discussed shortly.

      Luc Frieden also stated that Luxembourg supports the UK government's legal challenge to the Financial Transaction Tax. Without indicating precisely how Luxembourg would support the UK, the minister reminded the audience that Luxembourg was not keen to participate in a mechanism that could put in danger the level playing field between financial centres.

      During this 2 day event, a series of panels were organised dealing with hot topics affecting the financial sector: from more general topics like the importance of international financial services as an engine for economic growth, the future of the Euro and the creation of a banking union to more specific issues such as emerging markets’ financial systems, the forum was rich in information for financial service providers as well as for consumers.

      The London City week was also a great opportunity for Luxembourg to present its products and services to financial professionals and also to compare them to those offered by other financial centres throughout the world.