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Economy of Luxembourg

Luxembourg is a member of the European Monetary Union, whose members adopted the euro [] as their official currency. Luxembourg also is the seat of the European Court of Justice (Central Intelligence Agency, 2003).

Economic distribution is relatively equitable in Luxembourg. Among the industrial nations of the world, economic inequality increased in all but six nations over the past decade. During that period, there was no change in economic inequality in France; however, economic inequality decreased in five industrial nations Denmark, Luxembourg, the Netherlands, Switzerland, and Spain (Faux, 2004).

From 1995 through 2003, Luxembourg recorded the greatest increase in total hours worked per year among industrial nations 3.7 percent ("Economic and Financial Indicators", 2003). As mentioned earlier in this paper, the economy of Luxembourg depends heavily on the financial sector, in which banking activity is especially important (Osborn, 2001). One of the attractions of banking in Luxembourg (certainly not the only one) is the law protecting the confidentiality of personal and business accounts in the nation. In this regard, Luxembourg banking is comparable to Swiss banking ("The World's Piggybank", 2004). Private banking in Luxembourg is an important component of the nation's financial services industry. With respect to personal banking, Luxembourg is a part of the so-called off-sho


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