The idea of the European internal market is based on the fact that the economy in the European Union can circulate freely within the member states. This must also apply to capital.
The financial industry is a rapidly functioning cycle in which short channels and quick decisions within the framework of the applicable rules are crucial. This effectiveness is a basis for the success of the Luxembourg financial center. A centralized supervisory authority would increase bureaucratic burdens and delay financial activities.
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And Luc Frieden knows the importance of efficient control structures and good framework conditions for the domestic financial industry. As finance minister, he actively promoted Luxembourg’s locational advantages around the world – not always with the backing of the then prime minister.
As prime minister, Frieden uses these experiences. He can represent the interests of the financial center more confidently, especially towards France. Paris has always been a thorn in the side of the success of the Luxembourg financial sector. Emmanuel Macron’s attempt at the EU summit to centrally strengthen the pan-European control bodies is further evidence.
Frieden knows how dependent the country is on the financial sector. Instead of more bureaucracy, he advocates for attractive pan-European framework conditions that strengthen the internal market and benefit the capital economy. What is good for the financial center is good for Luxembourg.
#Selfconfident #commitment #financial #center
2024-04-19 16:27:11