In the 25 years since the launch of the first pan-European investment scheme, the Grand Duchy of Luxembourg has scarcely looked back. The country with the third-largest GDP per head, more than a fifth of which is derived from financial services, looks set to grow, according to its financial regulator.

Luxembourg's Commission de Surveillance du Secteur Financier's annual report last week said it was satisfied by the way the country's financial infrastructure had stood up during the financial crisis - although it warned there were still lessons to learn.