"The potential for developing economic exchanges between our countries is great" - Yuriko Backes in New York and Toronto for a financial mission

In New York, the Minister held meetings with the heads of the main American financial institutions present in Luxembourg. The discussions mainly provided an opportunity to take stock of the development of their activities in Europe and the Grand Duchy. It was also an opportunity to exchange views on the evolution of the macroeconomic situation in Europe and the United States, and to discuss the main issues, such as the economic impact of the Russian war in Ukraine, the surge in inflation on both sides of the Atlantic, the energy crisis in Europe and protectionist tendencies. In general, the various players reaffirmed their commitment to Luxembourg and the Luxembourg marketplace. The Minister also attended an event organised by Luxembourg for Finance at the Luxembourg House, allowing professionals from the New York financial sector to deepen their knowledge of the Luxembourg financial centre and to extend their network of contacts. A meeting between the Minister and the Luxembourg community in New York took place on the first evening of the mission.

The Minister and her delegation also attended the opening ceremony of the Nasdaq stock exchange. She then had a meeting with representatives of the Nasdaq group to discuss the current challenges, particularly with regard to the changes resulting from the development of Fintech.

Yuriko Backes commented: The United States is a long-standing historical partner and the very close ties between our countries have been built at all levels. The potential for developing economic exchanges between our countries, especially in the financial sector, is considerable. American banks and asset managers are among the largest employers in the financial sector, accounting for 20% of assets under management in the Luxembourg fund industry. I am therefore pleased to see that these companies not only remain committed, but that several are looking to expand their activities in the European market or even launch new operations in Luxembourg."

Yuriko Backes took the occasion of her stay in New York to meet with Anita Bhatia, Deputy Executive Director of UN Women, the UN entity dedicated to gender equality. The discussions focused on the crucial role of finance ministers around the world and finance in general in the implementation of Sustainable Development Goal 5 on gender equality. Another topic was the possible inclusion of gender equality in the annual Article IV consultations of the International Monetary Fund. The Minister and the Deputy Executive Director agreed to further cooperate in the area of gender finance.

The Minister gave speeches at the Stern School of Business at the New York University and at the Munk School of Global Affairs & Public Policy at the University of Toronto on the history, successes and challenges of European integration. In particular, she pointed out that when faced with a crisis situation, member countries first tend to respond unilaterally. Coordination at the European level then allows for more appropriate common responses to these external shocks. She added: "It is by reacting in unity and solidarity to major crises that the European Union is built. The success of its integration is measured by its ability to respond to multiple challenges. She also stressed: "The EU, the US and Canada share common values and are close allies. They have a shared responsibility to successfully complete the energy transition and to uphold the principles of free trade, especially in the context of rising protectionism."

In Toronto, exchanges with the heads of the largest Canadian financial institutions focused on their development strategy in Europe and the role that Luxembourg can play in this context. The Minister also met with the Luxembourg Honorary Consul in Toronto, Shauneen Bruder, to discuss the development of bilateral economic and financial relations. Finally, a visit to the MaRS Discovery District incubator (University of Toronto) to take stock of the latest advances and developments in Canada in the field of Fintech concluded the mission.

Press release of the Ministry of Finance