Editing Economy of Luxembourg (section)

==== Banking ====
[[File:Euro banknotes 2002.png|left|thumb|Luxembourg has been part of the [[eurozone]] since 1999.]]
Banking is the largest sector in the Luxembourg economy. In the 2019 [[Global Financial Centres Index]], Luxembourg was ranked as having the 25th most competitive financial center in the world, and third most competitive in Europe after [[Economy of London#Financial services|London]] and [[Zürich#Economy|Zürich]].<ref>{{cite web|url=http://www.longfinance.net/images/gfci/gfci_21.pdf|archive-url=https://web.archive.org/web/20170611000617/http://www.longfinance.net/images/gfci/gfci_21.pdf|url-status=dead|archive-date=2017-06-11|title=The Global Financial Centres Index 21|date=March 2017|publisher=Long Finance}}</ref> The country has specialised in the cross-border [[fund administration]] business. As Luxembourg's domestic market is relatively small, the country's financial centre is predominantly international. At the end of March 2009, there were 152 banks in Luxembourg, with over 27,000 employees. Political stability, good communications, easy access to other European centres, skilled multilingual staff, a tradition of banking secrecy and cross-border financial expertise have all contributed to the growth of the financial sector. These factors have contributed to a [[Corruption Perceptions Index]] of 8.3 and a DAW Index ranking of 10 in 2012; the latter the highest in Europe.<ref>Transparency International, 2008</ref> Germany accounts for the largest-single grouping of banks, with [[Scandinavia]]n, Japanese, and major US banks also heavily represented. Total assets exceeded €929 billion at the end of 2008. More than 9,000 holding companies are established in Luxembourg. The [[European Investment Bank]]—the financial institution of the [[European Union]]—is also located there.

Luxembourg enterprises expected negative investment in 2023 due to slowing economic growth and tighter monetary policy. The net balance of enterprises anticipating an increase in investment minus those expecting a fall is negative at -4%, far lower than the EU average of 14%.<ref>{{Cite book |last=Bank |first=European Investment |url=https://www.eib.org/en/publications/20230340-econ-eibis-2023-luxembourg |title=EIB Investment Survey 2023 - Luxembourg overview |date=2024-01-31 |publisher=European Investment Bank |isbn=978-92-861-5673-1 |language=EN}}</ref>