End of Paradise ? Le Luxembourg et son secret bancaire dans les filets du multilatéralisme

Résumé 0

End of Paradise? Luxembourg and Its Banking Secrecy in the Net of Multilateralism W hat are the resources of a small state when it is exposed to major international pressure? The manner with which Luxembourg negotiated the end of banking secrecy for more than fifteen years at the European and international levels demonstrates that committed participation, controlling operating rules of international organizations, delaying and imposing conditions, responding to political transformations, and forming alliances are all instruments which allow a small state to defend its interests successfully. Through the study of Luxembourg’s resilience, one understands why a multilateral negotiations withdrawal strategy can lead a small state to be deadlocked and should be, therefore, a one-time response to crisis situations. Conversely, even though it is impossible to win in bilateral relations with a large country, it turns out that a selective multilateral engagement strategy can turn a small state into a true force multiplier. ■