Handbook of Microcredit in Europe
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Handbook of Microcredit in Europe

Social Inclusion through Microenterprise Development

  • Elgar original reference

Edited by Bárbara Jayo Carboni, Maricruz Lacalle Calderón, Silvia Rico Garrido, Karl Dayson and Jill Kickul

This timely Handbook offers a unique opportunity to consider the performance and national context of microcredit initiatives within the European Union.
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Chapter 11: Microcredit in Luxembourg

Véronique Faber

Extract

11 Microcredit in Luxembourg Véronique Faber* National context The Grand Duchy of Luxembourg is a constitutional monarchy. With a population of 469 100 inhabitants,1 it covers an area of 2586 km2 and shares borders with France, Belgium and Germany. The GDP per capita of 58 000 euros is the highest in Europe.2 Forty per cent of the population are foreign nationals, mainly emigrants from Portugal. Asylum seekers are allowed to work after nine months of registering their application, which does not automatically qualify them for a residence permit.3 Forty per cent of the labour force are trans-border workers from neighbouring countries. An additional characteristic of the labour market is the high percentage (98.6 per cent) of Luxembourg nationals working in the public sector as you need to be a Luxembourg national to be employed full-time.4 This creates the unique situation of having a higher foreign labour force in the private sector than a national one. Generally, countries with a low percentage of workers who have given less than one year’s service also tend to have a significant percentage of workers who have given many years’ service (over 10 years). Luxembourg falls within this group, which also includes Japan, Italy, Greece and Belgium. The other end of the scale includes the United States, the United Kingdom and Denmark. Within the context of globalization and liberalization of the economy, the persistence of forms of lasting employment is often considered unfavourable to labour market flexibility and growth. However, the stability of...

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