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How Luxembourg tamed the ‘monster’ of a unified EU market

Schengen, Europe Monument, Luxembourg
Photo: Getty Images

The Financial Times

6 min read
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Backed by other small states, the duchy has thwarted the push for centralised supervision.

10 December, 2025 by Martin Arnold in London and Paola Tamma in Brussels

Officials in Brussels who champion streamlined oversight of EU capital markets need only turn to neighbouring Luxembourg to understand why this project has floundered.

Claude Marx, head of Luxembourg’s financial watchdog, summed up his country’s position by telling the

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