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Let’s Talk About History! Banking History

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Speaker: Prof. Dr. Christopher Kopper, Universität Bielefeld
Event date: Wednesday, 13 April 2016 06:30 pm - 08:30 pm
Place: Campus Limpertsberg, Tavenas Room

The internationalization of savings investments: The example of Luxemburg

Since the 1970s, the economic structure of Luxemburg underwent a fundamental change. The stronghold of iron and steel transformed into Europe’s third biggest hub for the Eurocurrency market, just behind London and Paris. Which were the reasons for this transformation? From its very beginning, the banking hub Luxemburg was characterized by highly attractive institutions. Luxemburg benefited from the growing supply of money and capital seeking investments – and the growing monetary demand of lesser-developed nations. In addition, Luxemburg positioned itself as favorite place for private wealth management. Government decisions during the late 1970s turned Luxemburg into a low tax resort for tax-conscious foreign investors comparable only to Switzerland. Ten years later, Luxemburg banks generated 25% of Luxemburg’s tax revenues. Luxemburg’s biggest foreign bank passed the steel industry as the biggest corporate tax payer. The liberalization of transnational banking in Europe even enhanced the favorable position of Luxemburg as a European center of banking.

Data: letstalkabouthistory_1.pdf 624.92 kB