On 2 December 2019, the Minister of Finance, Pierre Gramegna, led a delegation of more than 120 representatives of the Luxembourg financial sector to Milan as part of a financial mission organised by Luxembourg For Finance (LFF). In particular, Pierre Gramegna opened the financial seminar for professionals in the Italian financial sector.
In front of more than 270 people, Minister Gramegna mentioned the importance of continuing on the path of deepening the Economic and Monetary Union (EMU), while highlighting the progress made in recent years.
In his speech, Pierre Gramegna raised the various European initiatives to further strengthen the European market and to address the challenges related to the digitalisation of financial services. In this context, he referred to the ongoing work on reforming international taxation, and recalled Luxembourg's position on the subject of digital taxation, which advocates a common solution, developed at OECD level and ensuring a level playing field. He also referred to the major advances made in recent years in tax transparency around the world and more particularly in Luxembourg.
Finally, the Minister of Finance proposed ways for the European Union (EU) to remain competitive in the financial sector at a time of Brexit, such as the creation and completion of the Capital Markets Union and the establishment of a common language for sustainable finance (taxonomy) to address climate change.
Pierre Gramegna concluded that the energy transition cannot succeed without a financial transition, i.e. a sustainable transformation of the financial system which takes into account the problem of "stranded assets".
Milan being the leading financial centre in Italy, with a flourishing FinTech sector, the Minister of Finance had meetings with senior leaders of the main financial groups in Milan present in Luxembourg. The discussions focused mainly on the economic situation in the EU, the development of the groups' activities in Luxembourg and the opportunities offered there to financial actors in the field of sustainable finance and the digitalisation of financial services.
Pierre Gramegna said, "Luxembourg and Italy are longstanding financial partners with significant financial exchanges in both directions. Italy is now the second market for the Luxembourg life insurance, and with five banks and some fifty Italian investment funds active in Luxembourg, our financial centre acts as a first-class competence centre for Italian banking and financial groups wishing to develop their activities in Europe and beyond. This mission will have contributed to further deepening the already close financial links between Luxembourg and Italy.”
Press release by the Ministry of Finance