While last week's discussions mainly pivoted around the fate of British citizens living and working in Luxembourg, this week's debates tackled finance-related issues. The state council eventually agreed on a 3-point package that finance minister Pierre Gramegna presented this Friday afternoon.
First of all, EU passporting rights for financial services are extended by 21 months until the end of 2020. In other words, British companies can continue to offer their services as if the UK was still part of the EU.
The second point revolves around the so-called Grandfathering Rights, which stipulate that current contracts cannot be abruptly terminated in the event of no-deal Brexit.
Thirdly, Luxembourg will recognise UK-based payment services and clearing houses.
The Christian Social People's Party (CSV) politician Laurent Mosar lamented that it took the council so long to establish these measures but admitted that they were a step in the right direction.
