In recent months, the Covid-19 pandemic has had far-reaching consequences. It is both a public health disaster and a catastrophic situation for our economy.

However, Luxembourg was able to respond forcefully to this challenge. We provided the resources our health system needed in this unique situation. In addition, we implemented a solid series of measures to support our companies and save our jobs. The Covid-19 crisis will cost us up to 3 billion euros this year.

Such a response to the virus was made possible through the strong economy we have been able to build over many years, driven not only, but to a large extent, by our financial industry.

We have managed to turn this sector into a real industry in Luxembourg, which may sometimes attract criticism from abroad, but often also admiration. It’s true that the reputation of the financial industry worldwide was badly damaged by the 2008 financial crisis, and certainly not without good reason. But let us never forget that the main function of the financial industry is to manage our savings and help us and our companies in financing our ventures. Our banks, investment funds and insurance companies in Luxembourg definitely fulfil this role. During this crisis, banks have helped companies by extending loans. Moreover, after last year’s tornado, insurance companies did not leave people in need and have paid out around €65 million to the victims to date.

However, our financial centre still struggles with critical voices that accuse us of banking secrecy or who were only made aware of Luxembourg due to LuxLeaks. Our financial industry has indeed never consisted solely of our banking secrecy, and LuxLeaks was not directly related to the activities of our banks, insurance companies, and funds.Nor can our success be defined by these activities, as demonstrated by the success we continue to experience in a rapidly shifting environment.