Luxembourg was in at the start of European unity and
is as committed to it as ever. But the things that have made the
Grand Duchy great - tax advantages, strict banking secrecy, the
Luxfranc bond market and the absence of minimum bank reserve
requirements - look likely to be swept away by the tide of EU
harmonization. Philip Eade reports on Luxembourgeois bankers'
bullishness in the face of adversity
May 01, 1996
