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Article by Ernst Wilhelm Contzen, Chairman of the ABBL -- published in issue 2/2010 of the Luxembourg Banking Quarterly
Ever since the beginning of the global economic and financial crisis, the Luxembourg financial centre has had to navigate its way through an economic downturn and the reputational risks that accompanied it. In sweeping the globe, the financial crisis has brought in its current a generalised loss of trust in the financial system. As an important international financial centre, Luxembourg was not spared.
In addition, economic growth in Luxembourg, as well as in large parts of the world, has seriously been dampened – most likely for quite some time. Yet it is no use crying over spilled water. While we obviously need to learn from past mistakes...
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