The Luxembourg Stock Exchange held the thirtieth edition of its “Stock Exchange Day” on 19 March 2012 in Kirchberg, Luxembourg. Nearly a thousand people representing the financial community and other sectors of economic and political life of the country and abroad attended the event. The guest speaker was Klaus Regling, CEO of the European Financial Stability Facility (EFSF) who spoke on the topic “Lessons from the crisis – Europe’s return to stability and growth”.
In his presentation, Klaus Regling first gave a brief overview of the economic situation of the European countries, most of which are threatened by a creeping recession. He then outlined some ways to improve the situation in the context of the lessons to be drawn from the sovereign debt crisis, particularly in the euro area. In this regard, he stressed the need for fiscal consolidation to initiate a return to economic stability. Concluding his speech, the first head of the EFSF reiterated his full confidence for Europe to maintain its position as a major player in the global economy in the future.
For his part, Frank Wagener, chairman of the board of directors of the Luxembourg Stock Exchange, presented the key developments of the Exchange in 2011. In this regard, he highlighted his satisfaction that, despite the crisis, the Luxembourg Stock Exchange maintained its position as a leader in the listing of international securities in Europe. He also pointed to the listing on the Luxembourg Stock Exchange of sovereign debt issues launched by the EFSF under the plan to assist the struggling countries of the euro area. Frank Wagener also took the opportunity to acknowledge the efforts of the Exchange’s wholly-owned subsidiary, Finesti, for its work in launching new services in the context of the UCITS IV directive. At the end of his speech, he warmly thanked Michel Maquil, who is preparing to leave his position as President and CEO of the Luxembourg Stock Exchange.
In the closing remarks, Michel Maquil, President and CEO, recalled the main stages of his career at the Luxembourg Stock Exchange, which he joined in 1974, before being appointed chief executive in 1987, and President and CEO in 2001. Michel Maquil took the opportunity to retrace the remarkable history of the Luxembourg Stock Exchange in the service of the Luxembourg financial centre. In this regard, he mentioned the main challenges faced by the Exchange during the twenty-five years that he was in charge. He pointed to the modernisation of its secondary market, the maintenance of its independent operational framework through a partnership strategy and the move from local concessionary to a market operator. After thanking the authorities as well as the members and employees of the Luxembourg Stock Exchange and other stakeholders, Michel Maquil invited all guests to the traditional cocktail of the Stock Exchange Day.