German-speaking finance ministers gather in Luxembourg to debate Europe's competitiveness
Finance ministers from German-speaking countries met at Senningen Castle to discuss Europe's competitiveness, global taxation, and administrative simplification, with Luxembourg's Gilles Roth proposing a revival of the "Loi Rau" to channel private capital into small and medium-sized enterprises.
Representatives from Switzerland, Liechtenstein, Austria, and Germany gathered for an informal summer meeting in Luxembourg this week, with German Finance Minister and Vice-Chancellor Lars Klingbeil absent due to a visit to Ukraine and represented instead by his state secretary, Dr Rolf Bösinger.
The talks centred on Europe's competitiveness, international economic developments, and efforts to simplify administration. Roth stressed that in a global context of rising protectionism, multilateral dialogue remained essential.
He argued that Luxembourg should also find ways to mobilise private capital for investment in small and medium-sized enterprises (SMEs), particularly those engaged in innovation. He suggested that this could be done through a revamped version of the 1980s "Loi Rau", a scheme that once offered tax advantages to those investing in Luxembourg companies before it was struck down in the early 2000s for breaching EU rules on free capital movement.
Roth pointed out that Brussels was now reconsidering how to better channel private wealth into productive investment and expressed confidence that Luxembourg would soon present concrete proposals aligned with European regulations.
Swiss President Karin Keller-Sutter highlighted that strong economies and financial centres were built not on protectionism but on openness, competition, and credible regulatory frameworks. Her Austrian counterpart, Finance Minister Dr Markus Marterbauer, underlined Europe's internal strength, noting that around 80% of goods and services consumed by Europeans come from within Europe itself, which he sees as proof that the continent's largest trading partner is Europe.
Brigitte Haas, head of government in Liechtenstein with responsibility for finance, added that maintaining unity across Europe was vital to reinforcing competitiveness, resilience, and social cohesion.
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