(Ahead of the Paperjam Club’s , which will take place on 19 November at the Kirchberg Kinepolis, we have decided to give the floor to key players in the financial centre. We’re publishing their guest contributions every morning until the event. Today, the Luxembourg minister of finance, (CSV), shares his analysis).

We live in a world of rapid change and global challenges. As Heraclitus aptly puts it, “Change is the only constant in life”. This is especially true for the financial sector, where innovation and adaptability are essential. My recent visit to the Singapore Fintech Festival underscored this reality and reaffirmed Luxembourg’s unique position in shaping the future of global finance.

Acknowledge the global trends shaping the landscape

The question before us is: what will our financial centre look like in 2035? Before answering, it is essential to acknowledge the global trends shaping the landscape. Our country, with its globally significant financial centre, does not operate in isolation.

Some megatrends are already clear: geopolitical fragmentation, rising social inequalities, technological revolutions, demographic shifts and the escalating impacts of climate change. These trends present both challenges and opportunities, and Luxembourg must ensure it is prepared to lead.

It is not sure that our world will have found a stable new world order by 2035. But perhaps we will at least manage to prevent further escalations. And Europe must play a key role here. The same applies to social inequalities in the world, where our ambition must be to reverse the trends. Incidentally, this is also a matter of geopolitical stability.

Inclusive, ethical and sustainable progress

As far as the technological revolution is concerned, we are truly dealing with a new digital revolution. The digital revolution is transforming every aspect of our lives, driving innovation, enhancing global connectivity, and unlocking challenges, including widening the digital divide, ethical concerns around data privacy and AI, and the need to adapt to rapid technological change. As we navigate this era of transformation, it is essential to ensure that progress is inclusive, ethical, and sustainable for future generations.

Therefore, we have to look for ways to sustainably combine the financing of our economy while respecting our ecology. Technology is essential here, as it will help to reduce the cost of reaching our net zero ambitions for our economies and societies. And we have to keep people on board politically.

Without finance there is no real economy

It is clear to this government that our financial centre will continue to play a central role in and for Luxembourg in the future. Just as agriculture and steel production, our financial industry is part of Luxembourg's identity and socio-economic tissue. Without finance there is no real economy. And thus, no real future either.

Strengthen Luxembourg as a global financial centre

That is why we, as the Luxembourg government, will do everything in our power to strengthen Luxembourg as a global financial centre for Europe, for our Greater Region and for Luxembourg itself. Its essential role is to connect Europe with global capital and to facilitate cross-border investments in Europe.

By 2035, I am convinced that our financial centre will be much more digital, greener and act as a driver for a more competitive and resilient Europe

Gilles Roth, finance minister (CSV)

Particularly in times of global change and uncertainty, we have a strong card to play as a centre of stability at the heart of Europe. Finance loves stability. Our expertise in areas such as investment funds, capital markets, corporate banking, wealth management, fintech and cross-border insurance, shorts paths and responsiveness are a real asset. A foundation to build on.

Transform the new global challenges into opportunities

They allow us to transform the new global challenges into opportunities for Luxembourg. These include, becoming a leader in new and emerging fields such as sustainable finance, digital assets, tokenisation and their underlying blockchain technology, as well as artificial intelligence (AI).

By 2035, I am convinced that our financial centre will be much more digital, greener and act as a driver for a more competitive and resilient Europe. We have all the right ingredients in pace. Nevertheless, it is important to always have analog operations in place for security and especially for the everyday life of citizens.

Our financial centre must also help to finance the megatrends described above. The financing of climate and demographic challenges of tomorrow offers great growth potential for Luxembourg. In short, our financial centre can help European companies to raise the capital they need on global markets.

Committed to multilateralism

Freedom is indivisible. This also applies to the freedom of international trade. Here, too, we are clearly committed to multilateralism. Our financial centre also has a clear European and global vision.

At the same time, we must remain a provider of essential banking services for our citizens. Social cohesion is one of Luxembourg’s greatest strengths and maintaining it will be vital as we navigate the changes ahead.

Luxembourg's social stability is a rarity

Luxembourg and its financial centre have a lot to offer Europe and the world. Above all, political, economic and social stability in a global environment that is often out of joint. Luxembourg's social stability is a rarity in the global context.

We Luxembourgers should be proud of our financial centre. It is a guarantor of economic growth and social wellbeing. And as minister of finance, I would like to express my sincere thanks to all those who advance our financial centre every day and live, work and reside here in Luxembourg. They are an integral part of our Luxembourg community.

And, neither our economy nor our financial centre are an end in themselves. Like any economic activity, they must serve the common good. This is the essence of the sustainable social market economy, with its promise of prosperity for all, which we take very seriously. Our financial centre is also aware of this social responsibility.

We only remain who we are if we constantly change

To meet the future, we must rediscover our self-belief and faith in our own abilities, both as Luxembourgers and as Europeans. In a way, we have to make a virtue out of necessity. We should not let ourselves become too comfortable and bask in the glory of past success, which is not a guarantee of future success. On the contrary, as a government, as a country and as a financial centre we need to rediscover the virtues of taking calculated risks.

I firmly believe that the best is yet to come. If we set our sails boldly, guided by our values and our vision for a better future. Without losing our Luxembourg way of being. We only remain who we are if we constantly change. Well beyond 2035.