Luxembourg: Staff Report for the 2012 Article IV Consultation
International Monetary Fund, Jul 3, 2012 - Business & Economics - 69 pages
This 2012 Article IV Consultation highlights that economic growth in Luxembourg slowed in 2011 amid the euro area sovereign debt crisis. Reflecting sluggish external demand, economic activity is expected to further weaken, with growth projected to decline to ½ percent in 2012. Executive Directors have welcomed the continued stability of Luxembourg’s economy despite the turbulence in the euro area. They have commended the authorities on measures taken to strengthen the financial sector and to implement recommendations from the Financial Stability Assessment Program update.
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Annex Article IV consultation automatic Bank of Luxembourg bank resolution banking groups Banking Sector Beveridge Curve Canton capital Central Bank Clearstream Banking Compensation of employees competitiveness continued contribution countries CSSF declined deficit developments distressed sovereigns domestic economy EU-level euro area European exposure to distressed FATF Figure ﬁnancial financial center financial sector ﬁscal fiscal consolidation fiscal multipliers fiscal sustainability framework FSAP global financial crisis Grevenmacher Hubic IMF staff impact increases inﬂation international investment position International Monetary Fund investment fund industry labor market programs liabilities Luxembourg authorities Luxembourg-based banks Maastricht criteria macroeconomic medium-term fiscal needed OECD old-age pension parent banks Pension Reform pension system percent of GDP product market regulations productivity growth public debt public finances reﬂect regulatory require revenues risks service sector shocks skill mismatches Source staff estimates staff report STATEC supervision supervisory colleges Tier 1 capital UCITS unemployment unemployment rate volatility wage indexation