Mackel was first nominated to the position in 2013 for the first four-year mandate. Members of Luxembourg for Finance voted to extend his tenure on 24 February.

“I am thrilled to be able to continue to serve my country in this role and thank LFF’s shareholders for the continued trust and support,” Mackel said in a statement.

“Together, we will pursue LFF’s pivot towards increased digital activities to ensure the voice of Luxembourg’s financial industry is heard around the world and work on reinforcing Luxembourg’s role as a first-rate European financial centre that provides high-value services to global market operators helping fuel growth in Europe and beyond,” the former diplomat said.

While Mackel’s first mandate was marked by regulatory changes in the long aftermath of the 2008 financial crisis, his second mandate was dominated by Brexit.

The third--from July 2021 until June 2025--will feature pandemic and its impact on global economies on its agenda. But the Luxembourg financial centre is also increasingly shifting towards sustainable finance, with digitalisation another ongoing process.

For example, Mackel helped found the Luxembourg House of Financial Technology (Lhoft), a home for startups in the financial sector where he serves as a board member.

“I look forward to continuing working with Nicolas Mackel in developing the financial centre and building a financial sector ecosystem that embraces innovation and digitalisation,” said finance minister Pierre Gramegna (DP).

“Moreover, with LFF being a founding member of the Luxembourg Sustainable Finance Initiative, we will step up our joint efforts to strengthen the role of the Luxembourg financial centre in supporting the transition towards a green and sustainable future,” he said.

More recently, Mackel defended Luxembourg against the OpenLux investigation, which used public records of companies in Luxembourg to show how the country helps businesses and individuals optimise their tax bills.