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Banking on Luxembourg. (banking industry)(includes related article on the European Investment...

By Osborn, Alan
Publication: Europe
Date: Monday, September 1 1997

The banking industry in Luxembourg has experienced unprecedented accelerated growth starting in the 1960s. This was when the tiny nation garnered a substantial share of the European currency markets. Currently, it has 220 banks and the finance sector is responsible for about a third of government revenues. The impending adoption of a single currency in Europe is a threat to the industry sector because of the amount of income it derives from foreign exchange. However, its bankers are unfazed because of the potential income from trading of the euro with other currencies.

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