Luxembourg

VII - Six-Pack

The ‘Six-Pack’ is a package of six legislative measures (five regulations and one directive) improving the Economic governance in the EU. The Commission made the original proposals in September 2010. After negotiations between the Council and the European Parliament, the package was adopted in November 2011 and entered into force on December 13, 2011. Part of the ‘Six-Pack’ measures applies only to the Eurozone member states (see the individual titles below).        
The ‘Six-Pack’ measures reinforce the Stability and Growth Pact (SGP), among others by introducing a new Macroeconomic Imbalances Procedure, new sanctions (for Eurozone member states) and reversed qualified majority voting. Also, there is more attention for the debt-criterion.
(
http://ec.europa.eu/economy_finance/economic_governance/index_en.htm)

Negotiation
VII.1
What positions did Luxembourg adopt in the negotiation of the ‘Six-Pack’, in particular in relation to the implications of the ‘Six-Pack’ for (budgetary) sovereignty, constitutional law
, socio-economic fundamental rights, and the budgetary process?

The Luxembourg Government consisting of the Christian Democrats and the Social Democrats at this time was of the opinion that it is in the interest of all Member States and of a common economic and monetary policy that European institutions have the competence to control (‘droit de regard’) national budgets.[1] Luxembourg is generally in favour of a more Europeanized governance in the field of economic and fiscal policy. However, there were no discussions in Parliament concerning the negotiation of the Six-Pack.

Directive 2011/85/EU       
Council Directive 2011/85/EU of 8 November 2011 on requirements for budgetary frameworks of the Member States

Implementation
VII.2
What measures are being taken to implement Directive 2011/85/EU on requirements for budgetary frameworks (required before 31 December 2013, article 15 Directive 2011/85/EU)?

In 2012, the Central Bank of Luxembourg presented the status of implementation for the Directive in a chart. Following this analysis 3 of 5 obligations are already partly implemented (reliable and standardised statistics, macroeconomic forecast and budgetary coordination between sub-sectors) and two are not at all implemented (golden rule combined with automatic correction procedure; perennial perspective).[2] The obligations, which are marked as partly implemented, have already existed in the Luxembourg legal system and are not the result of modifications caused by this Directive.

Luxembourg has not yet implemented all obligations of Directive 2011/85/EU. The Conseil d’Etat emphasised the urgency of the implementation in its opinion on the budget law for 2013.[3] The former government consisting of the Christian Democrats (CSV) and the Social Democrats (LSAP) has introduced into parliament a legislative proposal on 2 July 2013 in order to implement chapters IV and V of the Directive, but the law was not yet passed. Recently, after having been informed about the opinions of different stakeholder-groups and of the Conseil d’Etat (see questions VII.3, VII.5 and IX.5), the Luxembourg government has proposed some changes to the legislative proposal.[4]

In its Article 3 the legislative proposal provides that the medium term budgetary objective must be laid down in a separate law, called ‘loi de programmation financière pluriannuelle’ (LPFP). The period of time covered by this law must be in conformity with the time frame covered by the updated stability and growth programme. The LPFP ought to be introduced into parliament in October so that the Chambre des Députés can vote on this law along with the yearly budgetary law. This procedure shall guarantee compliance with Article 10 of Directive 2011/85/EU, but it is not written into the law but mentioned in the explications of the government on the respective articles of the legislative proposal.[5] The next sections of Article 3 of the legislative proposal contain the specific requirements laid down in Articles 6 and 9 of Directive 2011/85/EU.

In addition to the rules laid down in this legislative proposal, there are further rules already in force concerning the three levels of public administration existing in Luxembourg (central administration, local administration and social security administration). For the central administration, Article 5 of the Luxembourg Treasury Law[6] is relevant which obliges the central administration to spend money from loans only for public investments. For the local administration, there are several obligations to limit the indebtedness in the Luxembourg Loi communale.[7] The Luxembourg Code de la Sécurité sociale[8] contains several limitations for expenses of every social security administration. Several institutions, which already exist, control these obligations (see question VII.5).

The proposal also contains in its Article 8 obligations to comply with the requirements of transparency, statistics and coordination as required by Directive 2011/85/EU.[9] The norm implements the obligations laid down in article 3 (2), article 4(4), article 4(5), article 12, article 13 (1), article 13 (2), article 14 (1) and article 14 (3) of the Directive 2011/85/EU. The Grand Duke of Luxembourg is authorized to regulate details via Grand-Ducal regulations.

Implementation difficulties 
VII.3
What political/legal difficulties
did Luxembourg encounter in the implementation process, in particular in relation to implications of the directive for (budgetary) sovereignty, constitutional law and the budgetary process?

In addition to the discussion about the implementation of the golden rule (see question IX.4) which is part of the same legislative proposal such as the implementation of Directive 2011/85/EU, the representatives of the economic sector (Chambre de Commerce (CC)) welcomed the introduction of a law which lays down the medium term objective (so called Loi de programmation financière pluriannuelle (LPFP)).[10] The CC recommended defining a date when the LPFP must have been passed by parliament, preferably before the adoption of the budgetary law because the budgetary law must respect the LPFP.[11]

The State Council (Conseil d’Etat) clarified the legal nature of the LPFP. Government wants that this law must be passed by a two-third-majority in parliament. However, Article 114 of the Luxembourg Constitution lays down in which cases such a majority is necessary and this enumeration cannot be extended by this legislative proposal. The obligation to pass the LPFP by a two-third majority would only have a political value, but would not change the hierarchy of norms.[12] This means that, in the view of the Conseil d’Etat, the LPFP can be modified by a law passed by parliament after the LPFP has been passed (for example by the budgetary law) because in such cases the legal rule of lex posterior applies. In contrast to the French legal system, which contains the possibility to pass so-called organic laws (‘lois organiques’), which have a legal value between the constitution and ordinary law, the Luxembourg legal system is not aware of such a concept. Furthermore, the commentaries on the single articles of the legislative proposal mention that the LPFP and the budgetary law should be passed conjointly. The Conseil d’Etat prefers that this procedure is written into an article of the legislative proposal and should not only form part of the commentaries, which are not part of the law.[13]

Macroeconomic and budgetary forecasts     
VII.4
What institution will be responsible for producing macroeconomic and budgetary forecasts (article 4(5) Directive 2011/85/EU)? What institution will conduct an unbiased and comprehensive evaluation of these forecasts (article 4(6) Directive 2011/85/EU)?

The forecasts are made by a ‘forecast committee’ (comité de prévision) which consists of representatives from the Ministry for Finance, certain administrative authorities (tax, customs), the Ministry for Economics, the Ministry for Interior, the statistics authority, the authority for the inspection of social security (under the authority of the Ministry for Social Security) and the authority for financial regulation in Luxembourg.[14] This committee is not established on the basis of any legal source but part of the organisation of the government. It was not set up for the implementation of the Directive because the Luxembourg Finance Minister had created the committee in 2010.

The legislative proposal for the implementation of Directive 2011/85/EU (see question VII.2) provides for the establishment of a new ‘National Council for Public Finances’ (for more details about this Council see question VII.5) which also has the task to evaluate the macroeconomic and budgetary forecasts.[15] This law is not yet adopted.

Fiscal Council  
VII.5
Does Luxembourg have in place an independent Fiscal Council (article 6(1) Directive 2011/85/EU: ‘independent bodies or bodies endowed with functional autonomy vis-à-vis the fiscal authorities of the Member States’)? What are its main characteristics? Does Luxembourg have to create (or adapt) a Fiscal Council in order to implement Directive 2011/85/EU?

Luxembourg will have to create such an independent body or give the respective competences to an already existing institution, which has sufficient guarantees of independence. The first legislative proposal for the implementation of Directive 2011/85/EU provided that the Luxembourg Central Bank (BCL) should be equipped with the power to supervise compliance with the financial rules laid down in the proposal as well as the economic forecasts.[16] However, in an opinion published on 18 December 2013 the European Central Bank recommended to revise the assignment of the financial supervisory tasks to the BCL because the monetary policy mandate as well as the independence of the BCL run the risk of being undermined if the BCL takes up the monitoring activities set out in Article 5 of Regulation (EU) No 473/2013 and Article 4 of Directive 2011/85/EU.[17] In consequence of this opinion the Luxembourg government has proposed to establish a new ‘National Council on Public Finances’ (Conseil national des finances publiques) which will fulfil the role of an independent Fiscal Council in the sense of article 6 (1) Directive 2011/85/EU.[18] Following the proposal this Council will consist of seven members (two members proposed by the parliament who must have expertise in financial and economic matters, two members proposed by the government, one member proposed by the Court of Auditors, one member proposed by economic stakeholder-representatives (Chambre de Commerce, Chambre des Métiers, Chambre d’Agriculture) and one member proposed by employees stakeholder-representatives (Chambre des Fonctionnaires et Employés publics, Chambre des Salariés)). The members fulfil their function in complete neutrality and independence. The government highlights that the creation of this Council is inspired by the Swedish approach.[19] However, the law is not yet adopted by the parliament.

There are already certain obligations for all levels of public administrations in several Luxembourg laws (see question VII.2). Compliance with these rules is controlled by the Court of Auditors for the central administration as well as by the inspecting authority for social security (Inspection générale de la Sécurité sociale (IGSS)) and the authority for compliance of the municipalities (Service de contrôle de la comptabilité des communes (SCCC)).[20] While the Court of Auditors enjoys certain guarantees of independence from the government as required by Article 105 of the Constitution and the Law on the Court of Auditors[21] , the IGSS and the SCCC are under the authorities of Luxembourg ministries.

Regulation No 1176/2011 on the prevention and correction of macroeconomic imbalances 
(
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32011R1176:EN:NOT)

MEIP difficulties    
VII.6
What political/legal difficulties
did Luxembourg encounter and what debates have arisen, in particular about implications of the regulation for (budgetary) sovereignty, constitutional law, socio-economic fundamental rights, and the budgetary process?

No discussions known. The discussion focussed rather on the recommendations of the Commission.

As for the application in 2012 of the Alert mechanism, some numbers of indicators are above the indicative threshold: current account surplus, nominal labour unit cost, private sector debt and export market shares indicator. Luxembourg has a constant deficit of the goods trade balance, but gains more export market shares in export. The nominal labour unit costs are – in comparison with the rest of the Eurozone – significantly higher. Since 2000 they have risen more than five times faster than in Germany. Large lending and borrowing operations inside international non-financial corporations can explain the indebtedness of the private sector. The growth rate for house prices is slowing down. The Commission mentions the large size of the financial sector compared to the overall economy of Luxembourg. Conclusion: No further in-depth analysis.

As regards the application of the Macroeconomic Imbalances Procedure in 2012, the government of Luxembourg acknowledges the Commission’s criticism that the competitiveness of Luxembourg has decreased, because the nominal labour unit costs have risen significantly in the last years. The government has passed some measures at the beginning of the year 2012, which changed the creation of the automatic wage index for the years 2012-2014. Luxemburg is one of the few countries, which have an automatic and statutorily determined adaptation of salaries. Usually, the wages have to be increased, if the inflation rate reaches a certain level. However, the automatic adaptation does not take into account, which factors have led to the inflation rate. The measures adopted at the beginning of 2012 are temporary measures until 2014. It will be necessary to pass a new system, which can be applied from 2015 onwards.[22] Therefore, it will be necessary to negotiate with all affected social partners. The goal of a reform has to be that the development of the salaries reflects the economic productivity in more realistic way.[23]

Regulation No 1175/2011 on strengthening budgetary surveillance positions    
(
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CONSLEG:1997R1466:20111213:EN:PDF)

MTO procedure
VII.7
What changes to the rules on the budgetary process are made to accommodate the amended Medium-term Budgetary Objective (MTO) Procedure?

Following a legislative proposal, which is discussed at the moment (see questions VII.2, VII.3, VII.4, VII.5, IX.4 and IX.5), the MTO ought to be set by a separate parliamentary law called ‘Loi de programmation financière pluriannuelle’.[24]

European semester 
VII.8
What changes have to be made to the rules and practices on the national budgetary timeline to implement the new rules on a European Semester for economic policy coordination (section 1-A, article 2-a consolidated Regulation 1466/97)?

The budgetary process will be changed in 2014. Since the legislative proposal (projet de loi 6597 relatif à la coordination et à la gouvernance des finances publiques et modifiant (a) la loi modifiée du 8 juin 1999 sur le budget, la comptabilité et la trésorerie de l’Etat et (b) la loi modifiée du 10 mars 1969 portant institution d’une inspection générale des finances)[25] implementing inter alia Regulation (EU) 1175/2011 is still under discussion, it is difficult to predict its outcome. Questions VII.2, VII.3, VII.4, VII.5, IX.4 and IX.5 deal with the changes contained in the legislative proposal.

MTO difficulties        
VII.9
What political/legal difficulties
did Luxembourg encounter and what debates have arisen, in particular about implications of the regulation for (budgetary) sovereignty, constitutional law and the budgetary process?

A legislative proposal implementing Council Regulation 1175/2011 has led to statements of certain stakeholder-groups and the Conseil d’Etat. Questions VII.3, VII.5 and IX.5 deal with the legal difficulties and the debates concerning the legislative proposal. However, the law is not yet adopted.

Respect MTO     
VII.10
How is respect of the Medium-term Budgetary Objective included in the national budgetary framework (section 1A, article 2a consolidated Regulation 1466/97)?

Luxembourg government uses a model to simulate macro and micro-economic impacts of structural reforms in order to make the adequate reforms (Dynamic Stochastic General Equilibrum (DSGE), also called the Luxembourg structural model (LSM))[26] , which was developed for Luxembourg by a group of economic scholars.[27] This model shall help to respect the Medium-term Budgetary Objective.

The legislative proposal for a new governance framework for the public budget includes a norm, which contains the obligation to pass a separate law (so called ‘Loi de programmation financière pluriannuelle’) whose main reason is to lay down the MTO.[28] (See also question VII.7).

Current MTO    
VII.11
What is Luxembourg’s current Medium-term Budgetary Objective (section 1A, article 2a consolidated Regulation 1466/97)? When will it be revised?

The Medium-term Budgetary Objective (MTO) for 2012 is a surplus of 0.4% of GDP in structural terms. The forecast of the MTO for 2013 is 0.7%.[29] Luxembourg Government expects a surplus of 0.6% in 2014.[30] In the following two years, the government expects that Luxembourg’s structural deficit will not be in accordance with the European obligations laid down in the Stability and Growth Pact. In 2015, it is expected that Luxembourg will have a deficit of 0.3% and in 2016 a deficit of 1.1%.[31] In 2017, government expects to fulfil the European prerequisites again. The main reason for this negative development in 2015 and 2016 is seen in the change of the regime of value-added taxation in the field of telecommunications, broadcasting and electronic services.[32]

Adoption MTO  
VII.12
By what institution and through what procedure is Luxembourg’s Medium-term Budgetary Objective adopted and incorporated in the stability programme (Eurozone, article 3(2)(a) consolidated Regulation 1466/97)?

The Ministry of Finance adopts the MTO. However, Luxembourg does not have a medium-term budgetary framework.[33] To be able to give some information on the MTO the Ministry is supported by the comité de prevision, which calculates a forecast on the basis of an “unchanged policy”[34] (see also question VII.4).

Regulation No 1177/2011 on the excessive deficit procedure

(http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CONSLEG:1997R1467:20111213:EN:PDF)

EDP difficulties           
VII.13
What political/legal difficulties
did Luxembourg encounter and what debates have arisen, in particular about implications of the regulation for (budgetary) sovereignty, constitutional law and the budgetary process?

A legislative proposal implementing Council Regulation 1177/2011 has led to statements of certain stakeholder-groups and the Conseil d’Etat. Questions VII.3, VII.5 and IX.5 deal with the legal difficulties and the debates concerning the legislative proposal. However, the law is not yet adopted.

Regulation No 1173/2011 on effective enforcement of budgetary surveillance
(
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32011R1173:EN:NOT)
Sanctions
VII.14
What political/legal difficulties
did Luxembourg encounter and what debates have arisen, in particular about implications of the regulation for (budgetary) sovereignty, constitutional law and the budgetary process?

A legislative proposal implementing Council Regulation 1173/2011 has led to statements of certain stakeholder-groups and the Conseil d’Etat. Questions VII.3, VII.5 and IX.5 deal with the legal difficulties and the debates concerning the legislative proposal. However, the law is not yet adopted.

General changes     
VII.15
What further changes have to be made to the rules on the budgetary process in order to comply with the Six-Pack rules?

Luxembourg will have to amend its treasury law (Loi de 8 juin sur le Budget, la Comptabilité et la Trésorerie de l’Etat). At the moment, there is a legislative proposal, which will implement the Six-Pack rules, once in force (see question VII.2).

Miscellaneous
VII.16
What other information is relevant with regard to Luxembourg and the Six-Pack?

No other relevant information.

[1] Réunion de la Commission des Finances et du Budget, 25 September 2012, p. 3, http://www.chd.lu/wps/PA_Archive/FTSShowAttachment?mime=application%2fpdf&id=1162755&fn=1162755.pdf.

[2] Avis de la Banque Centrale de Luxembourg concernant projet de loi 6500, 15 November 2012, p. 47 et seq., http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/169/169/116688.pdf.

[3] Avis du Conseil d’Etat concernant projet de loi 6500, 20 November 2012, p. 17, http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/168/165/116674.pdf.

[4] Amendements governmentaux au projet de loi relatif à la coordination et à la gouvernance des finances publiques et modifiant: a) la loi modifiée du 8 juin 1999 sur le budget, la comptabilité et la trésorerie de l’Etat b) la loi modifiée du 10 mars 1969 portant institution d’une inspection générale des finances, 11 March 2014, http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/184/276/128735.pdf.

[5] Projet de loi relatif à la coordination et à la gouvernance des finances publique, Commentaire des Articles, 22 July 2013, p. 13, http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/149/257/124586.pdf.

[6] http://eli.legilux.public.lu/eli/etat/leg/loi/1999/06/08/n2.

[7] http://eli.legilux.public.lu/eli/etat/leg/loi/1988/12/13/n1.

[8] http://www.legilux.public.lu/leg/textescoordonnes/codes/code_securite_sociale/01_css_lois_reglements_sommaires.pdf

[9] See Article 8 of the projet de loi 6597, p. 10, http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/149/257/124586.pdf.

[10] Avis de la Chambre de Commerce, 11 November 2013, p. 12, http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/170/224/126293.pdf

[11] Avis de la Chambre de Commerce, 11 November 2013, p. 13-14, http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/170/224/126293.pdf

[12] Avis du Conseil d’Etat, 10 December 2013, p. 4-5, http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/166/220/126159.pdf.

[13] Avis du Conseil d’Etat, 10 December 2013, p. 6, http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/166/220/126159.pdf.

[14] Note du comité de prévision, prévisions macroeconomiques et évolution des finances publiques 2011-2015, 20 March 2012, p. 3, http://www.mf.public.lu/publications/divers/previsions_fin_180412.pdf.

[15] Amendements governmentaux au projet de loi relatif à la coordination et à la gouvernance des finances publiques et modifiant: a) la loi modifiée du 8 juin 1999 sur le budget, la comptabilité et la trésorerie de l’Etat b) la loi modifiée du 10 mars 1969 portant institution d’une inspection générale des finances, 11 March 2014, p. 6, http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/184/276/128735.pdf.

[16] See Article 7 of the projet de loi 6597, p. 10, http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/149/257/124586.pdf.

[17] European Central Bank, Opinion of 18 December 2013 on public finances, CON/2013/90, p. 5, https://www.ecb.europa.eu/ecb/legal/pdf/en_con_2013_90_f.sign.pdf.

[18] Amendements governmentaux au projet de loi relatif à la coordination et à la gouvernance des finances publiques et modifiant: a) la loi modifiée du 8 juin 1999 sur le budget, la comptabilité et la trésorerie de lEtat b) la loi modifiée du 10 mars 1969 portant institution d’une inspection générale des finances, 11 March 2014, p. 5 and 6, http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/184/276/128735.pdf.

[19] Amendements governmentaux au projet de loi relatif à la coordination et à la gouvernance des finances publiques et modifiant: a) la loi modifiée du 8 juin 1999 sur le budget, la comptabilité et la trésorerie de l’Etat b) la loi modifiée du 10 mars 1969 portant institution d’une inspection générale des finances, 11 March 2014, p. 6, http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/184/276/128735.pdf.

[20] See Projet de loi relatif à la coordination et à la gouvernance des finances publique, Commentaire des Articles, 22 July 2013, p. 14, http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/149/257/124586.pdf.

[21] Loi du 8 juin 1999 portant organisation de la Cour des comptes, http://eli.legilux.public.lu/eli/etat/leg/l/1999/06/08/n1.

[22] Le Gouvernment du Grand-Duché de Luxembourg, Luxembourg 2020 – Plan national pour une croissance intelligente, durable et inclusive. Programme national de réforme du Grand-Duché de Luxembourg dans le cadre du semestre européen 2012, April 2013, p. 14, http://ec.europa.eu/europe2020/pdf/nd/nrp2013_luxembourg_fr.pdf.

[23] Le Gouvernment du Grand-Duché de Luxembourg, Luxembourg 2020 – Plan national pour une croissance intelligente, durable et inclusive. Programme national de réforme du Grand-Duché de Luxembourg dans le cadre du semestre européen 2012, April 2013, p. 10, http://ec.europa.eu/europe2020/pdf/nd/nrp2013_luxembourg_fr.pdf.

[24] See Article 3 of the projet de loi relatif à la coordination et à la gouvernance des finances publiques, p. 9, http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/149/257/124586.pdf

[25] For an overview about the current status of the legislative procedure see http://www.chd.lu/wps/portal/public/RoleEtendu?action=doDocpaDetails&backto=/wps/portal/public&id=6597

[26] National Reform Program for the Grand Duchy of Luxembourg as part of the European semester 2013, April 2013, p. 7, http://ec.europa.eu/europe2020/pdf/nd/nrp2013_luxembourg_en.pdf.

[27] See the information on the public website http://www.odc.public.lu/activites/LSM/index.html.

[28] See Article 3 of the legislative proposal 6597 (projet de loi 6597), http://www.chd.lu/wps/PA_RoleEtendu/FTSByteServingServletImpl/?path=/export/exped/sexpdata/Mag/149/257/124586.pdf.

[29] 14th update of the Luxembourg Stability and Growth Programme 2013-2016, 24 April 2013, p. 12, http://www.mf.public.lu/publications/programme/14th_update_stability_growth_programme.pdf.

[30] 14th update of the Luxembourg Stability and Growth Programme 2013-2016, 24 April 2013, p. 14, http://www.mf.public.lu/publications/programme/14th_update_stability_growth_programme.pdf.

[31] 14th update of the Luxembourg Stability and Growth Programme 2013-2016, 24 April 2013, p. 14, http://www.mf.public.lu/publications/programme/14th_update_stability_growth_programme.pdf.

[32] 14th update of the Luxembourg Stability and Growth Programme 2013-2016, 24 April 2013, p. 15, http://www.mf.public.lu/publications/programme/14th_update_stability_growth_programme.pdf.

[33] 14th update of the Luxembourg Stability and Growth Programme 2013-2016, 24 April 2013, p. 27, http://www.mf.public.lu/publications/programme/14th_update_stability_growth_programme.pdf.

[34] 14th update of the Luxembourg Stability and Growth Programme 2013-2016, 24 April 2013, p. 27, http://www.mf.public.lu/publications/programme/14th_update_stability_growth_programme.pdf.