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Luxembourg, Europe's bellwhether
Rich, peaceful, and incredibly multicultural, the tiny Grand Duchy of Luxembourg is a pearl in the crown of European postwar integration. Its quick transformation from poor agricultural backwater to big financial center demonstrates the success of Europe’s strategy of focusing on peace through trade in a common market.
Every day, 150,000 residents of other countries cross into Luxembourg to work, mainly in the financial sector, which, according to OECD figures, accounts for 30 percent of the country’s GDP. Even nonresidents get ample benefits from the Luxembourgian government to keep them happy, from subsidized public transportation to child benefits. Employers receive social security reductions if they hire long-term unemployed people or those aged over forty-five.
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