A state ‘s wealth is derived from both the physical resources ( natural ) and the intangible resources. The intangible resources comprise of a state ‘s rational capital, it requires intelligent direction and adequate investing for the state to thrive, and an appraisal of the intangible resources is conducted.
It is called an rational capital audit. It illuminates the state ‘s intangible resource and makes recommendations for betterment. These recommendations are based on comparings with other states that portion certain cardinal features with the state or are economic rivals.
An overview of Luxembourg
Luxembourg is a little state of 999 square stat mis ( 2,586 sq kilometer ) on the boundary lines of Belgium, France and Germany. The Ardennes Mountains extend from Belgium into the northern subdivision of Luxembourg. The turn overing tableland of the fertile Bon Pays is in the South
Luxembourg, one time portion of Charlemagne ‘s imperium, became an independent province in 963, when Siegfried, count of Ardennes, became crowned head of Lucilinburhuc ( “ Little Fortress ” ) . In 1060, Conrad, a descendent of Siegfried, took the rubric count of Luxembourg. From the 15th to the eighteenth century, Spain, France, and Austria held the dukedom in bend. The Congress of Vienna in 1815 made it a expansive dukedom and gave it to William I, king of the Netherlands. In 1839, the Treaty of London ceded the western portion of Luxembourg to Belgium. The eastern portion, go oning in personal brotherhood with the Netherlands and a member of the German Confederation, became independent in 1848 and a impersonal district by determination of the London Conference of 1867, governed by its expansive duke. Germany occupied the dukedom in World Wars I and II. Allied troops liberated the enclave in 1944. Luxembourg joined NATO in 1949, the Benelux Economic Union ( with Belgium and the Netherlands ) in 1948, and the European Economic Community ( subsequently the EU ) in 1957. In 1961, Prince Jean, boy and inheritor of Grand Duchess Charlotte, was made caput of province, moving for his female parent. She abdicated in 1964, and Prince Jean became expansive duke. Luxembourg ‘s parliament approved the Maastricht Accord, paving the manner for the economic integrity of the EU in July 1992. Crown Prince Henri was sworn in as expansive duke in Oct. 2000, replacing his male parent, Jean, who had been caput of province for 26 old ages.[ 1 ]
Luxembourg operates a constitutional monarchy type of authorities. The legislative power is with the Chamber of Deputies while the Grand Duke exercising executive power, the parliament is elected by all citizens over age 18, who have a responsibility to vote. The current authorities, headed by Prime Minister Jean Claude Juncker, is a alliance between the Christian Social People ‘s Party ( CSV ) and the Socialists.
Population and labour force
The chief feature of Luxembourg population and labour force is the big per centum of aliens. Growth and prosperity have been magnets for many. The rule of free motion of individuals and workers between European states, one of the foundations of the European Union, has made immigrating easy and legal for most. As a consequence, aliens represent about 44 % of the population in 2009: 215,000 in entire, and these figures include merely legal immigrants. The Portuguese community is the largest with 80,000 people, followed by the Gallic, Italian, Belgian, German etc. Non EU aliens total about 30,000, chiefly from the Western Balkans and former Soviet Republics.
In the past 25 old ages, the net migration rate has been about three times larger than the natural population growing rate, itself due to a higher ( about double ) birth rate among aliens ( past immigrants ) than among the original Luxembourg ‘s population. It is noteworthy that the 2nd superior curate in the authorities is in charge of in-migration. In add-on, cross-border workers represent a big per centum of Luxembourg ‘s work force: 146,000 for a entire salaried work force of 332,000 in 2008, i.e. 44 % . The Gallic, with 73,000, are the largest contingent, followed by the Belgian ( 37,000 ) and the German ( 36,000 ) .
The Northern terminal of the Gallic Lorraine part has become a big residential suburb of Luxembourg with most of the working population traversing the former boundary line every twenty-four hours. Lower existent estate costs, combined with generous societal benefits for occupants, in France, where, in opposite number, employment is hampered by the labour Torahs and the high revenue enhancement of employers, explain this phenomenon.
Adding the foreign workers shacking in Luxembourg and the cross-border workers, aliens account for 70 % of Luxembourg ‘s entire work force, a European record, which is a testimony to Luxembourg ‘s attraction as topographic point to work and make concern. Illegal in-migration adds to these figures, largely from Africa but besides some from former Soviet Republics or the Balkans. Its impact on Luxembourg ‘s economic system is hard to measure with preciseness as most illegals move often from one EU state to another and many can be merely “ in theodolite ” in Luxembourg or transposing to Luxembourg for non-declared business.
Luxembourg is pervasively trilingual. The autochthonal linguistic communication, Luxembourgish, is a Franconia linguistic communication from the Moselle part that resembles German. Luxembourgish was put into written signifier after 1984. Gallic and German are the official legal linguistic communications, with Gallic being used largely by the authorities and German being used by the media and church. Lusitanian and Italian immigrant populations add those linguistic communications to the mix, so that it is non unusual for service employees to be adept in four or more linguistic communications.
Primary school is taught in German and upper classs are taught in French, with most pupils at lycee degree besides larning English. Communicationss from Luxembourg Ville — the metropolis of Luxembourg-are typically in French, German, Portuguese and, progressively, English. Tacit findings of which linguistic communication is to be used in both work and societal interactions are elusive and would be an first-class topic of separate research.
Model for Assessing National Intellectual Capital
We will be utilizing a discrepancy of the Edvinsson/Skandia Navigator for an initial audit because it is more executable. Mouritsen ‘s Danish Guidelines ( Danish STI Ministry, 2003 ) are to a great extent process- oriented and hard to use on a national degree, even though utilizing some of the Guideline classs refering enterprises, direction challenges and indexs as portion of the analysis could be fruitful. The writer besides excludes utilizing “ proprietary ” prosodies, such as Bontis ‘ NICI ( Bontis, 2004 ) or Bounfour ‘s IC-dVAI attack ( Edvinsson and Bounfour, 2004 ) . Using “ unfastened beginning ” indexs, as in Pasher ‘s model survey of Israel ( Pasher,
1999 ) , promises an easier apprehension of consequences by governmental and concern leaders and more flexibleness to modify an audit in the hereafter. Finally, Edvinsson ‘s theoretical account developed for Skandia is considered the authoritative scheme, has “ first to market ” position, and has been widely adopted abroad every bit good as in his native Sweden since its original publication ( Edvinsson and Malone, 1997 ) .In the Skandia/Edvinsson theoretical account, the cardinal equation we will utilize is:
Intellectual Capital = Human Capital + Structural Capital[ 2 ]+ Relational Capital
Designed to analyze the rational capital of a company, rational capital is divided into three constituents: human capital ; structural capital ; relational capital.
Human capital represents the cognition resources that reside in the work force. As it exists in their encephalons, human capital can non be owned or controlled by an external entity. If human capital is knowledge that goes place with the worker at dark, structural capital is cognition that stays within the entity at the terminal of the twenty-four hours. It is “ all non-human depots of cognition ” ( De Long and Fahey, 2000 ) and represents the entity ‘s effort to retain and form elements of human capital.
Components of human capital include:
Education, including international experience, and preparation
Worker profile, such as age and gender
Committedness, motive and authorization
Well being, including emotional, financial and physical constituents
Structural capital is cognition that stays within the entity at the terminal of the twenty-four hours, as opposed to human capital, which goes place at dark. It is “ all non-human depots of cognition ” and represents the entity ‘s effort to retain and form elements of human capital.
Structural capital can be farther categorized as procedure capital and invention capital. Process capital refers to an entity ‘s internal processs. Innovation capital refers to the consequences of invention that take the signifier of rational belongings rights such as patents and licences.
Components of an entity ‘s structural capital include:
General substructure such as hardware, package and offices. It can besides be quantified as IT cost per worker, ratio of Personal computers to workers, figure of waiters and figure and functionality of web sites
Knowledge-based substructure such as intranets and databases
Intellectual belongings rights such as patents and hallmarks
Administrative procedures, which can be quantified by the response clip to client enquiries and the per centum of enquiries handled the same twenty-four hours as they are received.
Relational capital comprises an entity ‘s associations with spouses and other external and internal stakeholders. Components of an entity ‘s relational capital include:
Customer profiles, including variables such as trueness and satisfaction. It can be quantified by factors such as market portion and length of service of client relationships
Image and stakeholder relationships such as media coverage and selling schemes
Diffusion and networking, such as presence at conferences and the extent of operations done via telephone and Internet, It besides includes confederations with establishments such as concern schools and research institutes every bit good as commercial partnerships and coactions
Community relationships, including the financial and regulative environment.
As is evident from the descriptions above, some alterations must be made before using a theoretical account created for a corporation to a state. In footings of MERITUM ‘s constructs of homo, relational and structural capital, human capital must include non merely workers but all citizens. Structural capital must include ratings of national ITC substructure and educational and research establishments. Relational capital includes political confederations and merchandising spouses every bit good as the financial environment.Because it is relatively straightforward and specific, the Edvinsson attack has been widely used by establishments set abouting an initial rational capital accounting. However, as is evident from the descriptions above, some alterations must be made before using a theoretical account created for a corporation to a state. In footings of Edvinsson ‘s constructs of homo, relational and structural capital, human capital must include non merely workers but all citizens. Structural capital must include ratings of national ITC substructure and educational and research establishments. Relational capital includes political confederations and merchandising spouses every bit good as the financial environment.[ 3 ]
Luxembourg ‘s population
Luxembourg ‘s population ( 2009 est. ) : Slightly under 0.5 M. The most of import fact about Luxembourg ‘s human capital is that it has the highest per centum of aliens populating in it. As of 2006, 39.6 % of Luxembourg ‘s 474,413 ( 2006 est. ) dwellers were foreign. At more than 10 % , Portuguese are the highest proportion, followed by Italians and immigrants ensuing from the struggle in the former Yugoslavia. 8 % semen from the surrounding states of Belgium, France and Germany. Most late, there is increasing in-migration from Asia and Africa, which adds a welcome diverseness to Luxembourg ‘s European mix. Luxembourg ‘s population is 18.9 % 0-14 old ages, 66.5 % 15-64 old ages and 14.6 % over 65. The population growing rate is 1.23 % ( 2006 est. ) , which puts it at the high terminal of developed states. For case, the US growing rate is 0.91 % , France ‘s is 0.35 % and Germany ‘s is -0.02 % . The birth rate is 11.94 per 1,000, slightly higher than the European Union norm of 10.00 per 1,000.
The matrimony rate among Luxembourg ‘s individual population is worsening. Predictions suggest merely 60-65 % of singles will get married. Births out of marriage have risen to 13 % , as has the figure of divorces. One tierce of matrimonies now end in divorce, while remarriages account for 30 % of the sum. Luxembourg is 87 % Catholic, with the balance of mix of Protestant, Jewish and Muslim.
The 2nd shaping feature of Luxembourg ‘s human capital is that each working twenty-four hours, more than 115,000 people cross national boundary lines to their occupations in Luxembourg. Approximately 30,000 semen from Belgium, 60,000 come from France and 25,000 semen from Germany.
Harmonizing to UNESCO ‘s Institute for Statistics, the 2004 gross registration rate for pre-primary instruction is 83 % .[ 4 ]For primary instruction, the gross registration rate is 99 % , while for secondary instruction, registration is 95 % . However, Luxembourg ‘s third instruction rates are really low. Merely 12 % of pupils continue to third instruction, which is far below the regional norm. While it could be argued that the educational degrees of aliens are non included in the 12 % , every bit good as that holding a university in Luxembourg will besides increase this figure over clip ( see below ) , the comparatively low degree higher instruction among Luxembourg ‘s population is a major issue in measuring the Grand Duchy ‘s rational capital.
Although the Luxembourg authorities actively promotes gender equality, and patterns what it preaches in footings of ministerial assignments, adult females still lag significantly behind work forces in managerial places. In the banking sector, which represents 10 % of the state ‘s occupation market, merely 22 % of determination shapers are
adult females. While this is an betterment from a decennary ago when merely 15 % of directors in Bankss were adult females, there is still wide room for betterment, as adult females ‘s representation in the industrial sector is even poorer.
Information and Communication Technology
On a national degree, structural capital progressively equates to information and communicating engineerings ( ICT ) . In footings of overall domestic Internet usage, Luxembourg ranks high, with two tierces of people online, compared to an EU norm of 48 % , and 52 % of users enjoy broadband entree. In add-on, all but 5 % of Luxembourg concerns with more than 10 staff were on-line and, of these, Finally, of concerns with more than ten employees who had Internet entree, 50 % had an intranet, 32 % had an extranet and 20 % could entree their corporate webs from place or while going. All figures are from 2005 somewhat more than 70 % had broadband entree. This figure ranks Luxembourg in front of the full 25 member EU norm but behind the former 15 member EU norm. Luxembourg leads Germany, Italy, Austria and Ireland in broadband but lags Belgium, the UK and, of class, ICT-leaders Sweden and Finland.
Invention and Intellectual Property
Overall, Luxembourg is ranked 10th among the 25 states of the EU by the EC Enterprise Directorate-General ‘s Summary Innovation Index. This place puts Luxembourg in the in-between class of mean public presentation, along with Belgium, France and the Netherlands, but behind top executing Germany, Denmark and Switzerland. The lower left contains those states identified as “ losing land ” while the lower right has states ascertained to be “ catching up. ”
The SII ranks the Grand Duchy second out of 24 states for invention demand, associating to Luxembourg ‘s high per capita GDP and an above norm degree for purchaser edification. Luxembourg besides ranks 2nd in the portion of intermittent pioneers and engineering qualifiers ( Arundel and Hollanders, 2005 ) .
The Innovation Scoreboard analysis goes on to place Luxembourg ‘s high rankings for broadband incursion and high tech exports but acknowledges some contradictory findings every bit good as losing cardinal informations associating to knowledge creative activity and invention and entrepreneurship.
In footings of patents, as shown in the chart below, Luxembourg lagged other EU states in ICT patents. However, it should be noted that ICT development is non a cardinal constituent of Luxembourg ‘s economic system and that, in fact, while the remainder of Europe ‘s ICT patents declined sharply in the period illustrated, Luxembourg ‘s increased somewhat. It should besides be noted that the focal point of Luxembourg ‘s ICT sector is less the development of patentable merchandises as it is developing support services for the fiscal sector and EU establishments.
Luxembourg ‘s cardinal growing sector in the past decennaries has been fiscal services. Styled “ the universe ‘s back office, ” most late Luxembourg ‘s banking sector has significantly transitioned from private banking to fund accounting. Banks apply for few patents. Their invention takes the signifier of bettering internal procedures and, as mentioned, reacting to alterations in the market by offering new services.
Education and research establishments
In add-on to ICT, national structural capital besides includes educational and research establishments. Luxembourg spends 3.6 % of GDP on instruction, which represents 8.5 % of entire authorities outgos. This compares to 6.2 % and
11.6 % in Belgium, 6.0 % and 11.4 % in France, and 4.8 % and 9.7 % in Germany, severally. Luxembourg ‘s lower figures may reflect Luxembourg ‘s non yet holding established a university when the statistics were compiled ( UNESCO 2004 ) .
In footings of research workers and research outgos, Luxembourg leads the part in the former while dawdling in the latter.
Research workers and research support, 2003
Research workers per million dwellers
R & A ; D Expenditure as % of GDP
Beginning: UNESCO Institute for Statistics
Luxembourg has three national research centres ( Centres de Recherche Publics ) in add-on to a National Research Fund ( Fonds National de la Recherche ) .
Established in 1987, the national research centres work with both the private and public sectors and are:
aˆ? Centre de Recherche Public Gabriel Lippmann, concentrating on the environment, agro-biotechnologies and stuffs scientific discipline
aˆ? Centre de Recherche Public – Sante , concentrating on health care, public wellness and biotechnology
aˆ? Centre de Recherche Public Henri Tudor, concentrating on new engineerings.
In add-on to set abouting R & A ; D and engineering transportation, CRP Henri Tudor runs Technoport, a thriving concern brooder for high tech start-ups located in Esch-sur-Alzette, Luxembourg ‘s 2nd largest metropolis. It must be noted, nevertheless, that the writer has identified two issues with CRP Henri Tudor. The first is that, because Tudor works with both the private every bit good as the public subdivision, it competes with other ICT companies on what, given its authorities support, is non a flat playing field. The 2nd is Tudor ‘s inexorably francophone working environment. The centre ‘s international impact would be well enhanced were it to work bilingually ( French-English ) or even trilingually ( French-English-German ) .
In 2003, after considerable argument, the authorities decided to unite its three bing establishments of higher acquisition, one for instruction, one for engineering and one for broad humanistic disciplines that provided pupils with the equivalent of the first two old ages of college surveies, into a formal university and offer Bachelors and Masters grades in line with the EU mandated Bologna guidelines. The university, which got off to a hard start with the sudden decease of its first curate merely months after he took office, is now continuing to develop under a new curate and besides supports doctorial surveies concentrating on seven precedence countries:
aˆ? Security and dependability of information engineering
aˆ? Material scientific discipline
aˆ? Life scientific disciplines
aˆ? European and concern jurisprudence
aˆ? Educational scientific discipline
aˆ? Luxembourg surveies.
While the University of Luxembourg surely contributes to the state ‘s rational capital, one drawback is that antecedently all pupils wanting a formal grade had to analyze at establishments outside the Grand Duchy, typically in France and Belgium but besides in states including Germany, Switzerland, the United Kingdom and even the United States. This state of affairs gave pupils the advantages of “ international ” experience, enhanced linguistic communication accomplishments and broader personal webs, all of which besides added to Luxembourg ‘s rational capital. Other jobs confronting the university concern deficit of low-cost pupil adjustments and concerns
about pupils from outside of the EU, peculiarly from developing states. Although these issues will doubtless be overcome with clip, the university undertaking still faces its ain “ cogent evidence of the pudding ” trial.
Other educational resources in Luxembourg include several schools for foreign resident pupils including Gallic and German schools, the European School for kids of workers at the European establishments that, with the enlargement of the EU, is now stretched to capacity, St. George ‘s School, which follows a British course of study, and the International School, which offers an international baccalaureate. In add-on, Connecticut-based Sacred Heart University offers an American-style
MBA plan and the Luxembourg School of Finance offers an MS in Banking and
Teachers in Luxembourg are the best paid in Europe and the pupil instructor ratio is besides relatively low. School edifices are really good maintained and many are late constructed, including the European and International Schools, both of which enjoy new installations provided by the authorities.
A state ‘s economic public presentation shows how good it has been puting its rational capital.
The tabular arraies below show a comparing between Luxembourg and its neighbours. While it could be argued that a comparing should besides be made between Luxembourg and smaller states such as Iceland, Ireland, Switzerland and Israel, the writer believes it is every bit appropriate to contrast Luxembourg with adjacent states with which it straight competes for concern every bit good as for homo and investing capital.
Annual per centum alteration in GDP
Beginning: IMF *Estimate.
State 1999 2000 2001 2002 2003 2004 2005 2006*
61,391GDP per capita, in euros
Beginning: IMF *Estimate.
It should be noted that, in add-on to holding the highest GDP per capita in its part, Luxembourg has, for the old ages above and several earlier, enjoyed the highest GDP per capita of any state in the universe. This is reflected in the high quality of life enjoyed by the state ‘s dwellers. In fact, harmonizing to the World Bank World Development Indicator for poorness, none of Luxembourg ‘s population lives below the poorness degree ( UNESCO UIS 2004 ) .
Unemployment, as %
Beginning: IMF *Estimate.
Luxembourg has the lowest unemployment in the part and provides generous benefits and preparation to the jobless and attractive inducements to employers for engaging the unemployed. Growth in unemployment reflects an aging population ( employers are offered particular inducements for engaging unemployed workers over 50 ) . It besides reflects a turning pool of workers who lack the accomplishments needed in a cognition economic system.
Inflation, as %
Beginning: IMF *Estimate.
While rising prices in Luxembourg does non present as positive a image as the other indexs, it should be understood as the consequence of competition for qualified workers every bit good as surging existent estate monetary values in response to go oning demand.
Because of its size, concern webs in Luxembourg are abundant and fruitful. Many states have their ain “ Chambers of Commerce ” that work to advance the concerns of their members. Other concern webs include fraternal organisations such as Rotary plus specialised groups such as First Tuesday for ICT. Government curates are remarkably accessible and business-minded.
Relational capital besides includes the financial environment. While higher than the EU norm and unable to vie with Ireland ‘s business-luring 12.5 % , Luxembourg ‘s corporate revenue enhancement rate is lower than its neighbours. Its low VAT rate of 15 % and competitory societal security charges must besides be considered a relational advantage.
Corporate Tax Ratess
Beginning: KPMG *Includes 6.75 % Luxembourg City revenue enhancement.
As mentioned above, Luxembourg was a founding member of the European
Economic Community. Liing between dominant France and Germany, Luxembourg offers a impersonal and cardinal location for hosting a wide scope of European establishments which include:
aˆ? Court of Justice
aˆ? Court of Hearers
aˆ? European Investment Bank
aˆ? Office of Publications
aˆ? Eurostat ( statistical office )
aˆ? General Secretariat of the European Parliament
aˆ? Commission of the European Union
aˆ? Nuclear Safety Administration ( once Euratom ) .
These organisations benefit Luxembourg non merely by their presence but besides by the bunchs of niche concerns that have developed to back up them. Two of these chief niches are ICT and interlingual rendition services.
Playing the “ national card ”
Luxembourg ‘s authorities has a long and successful history of “ playing the national card, ” intending utilizing its autonomous place to do determinations sing the temperament of certain rights that, due to Luxembourg ‘s little size, have a important economic impact. The best illustration is, of class, the determination to establish banking secretiveness which resulted in Luxembourg ‘s going a fiscal centre. Besides notable is RTL, which was created to leverage Luxembourg ‘s broadcast medium bandwidth and now, with 34 Television channels and 34 wireless Stationss in 11 states, is Europe ‘s top broadcaster every bit good as a planetary leader in content production and rights and planetary scheduling distribution. Finally, SES Astra, Europe ‘s first private orbiter operator and subordinate of SES Global, has twelve orbiters that transmit about 1,100 parallel and digital telecasting and wireless channels via 176 transponders to 91 million families across Europe.
Erosion of national ownership
Unfortunately, in contrast to the above, outright Luxembourg ownership of its concern sector has been steadily gnawing over the past two decennaries. RTL is now about 90 % owned by German media elephantine Bertelsmann. Clearstream, the taking international securities clearinghouse, is owned by Deutsche Borse. Two of Luxembourg ‘s prima Bankss, BGL and BIL, are now portion of Belgian/Dutch Fortis and Belgian Dexia, severally. World steel leader Arcelor, formed of a amalgamation between Luxembourg ‘s Arbed, France ‘s Usinor and Spain ‘s Aceralia and headquartered in Luxembourg, is now the mark of a hostile coup d’etat from Mittal Steel, incorporated in the Netherlands. Whatever the result, there is no uncertainty that Arcelor ‘s corporate ownership construction will be changed. Even SES Global, Astra ‘s parent, is more than
18 % owned by US GE Capital.
While an exclusion to this tendency is Cargolux, Europe ‘s taking all freight air hose company and one of Luxembourg ‘s 20 largest companies, the overall tendency off from local ownership is a important concern. In a universe where both production and services are shifted across boundary lines to consequence cost decreases, non-local proprietors can do such determinations with less concern about the societal impact of such resettlement.
Decision: The Lion Purrs
Luxembourg ‘s current success can be identified as the consequence of strategic determinations about how to utilize its rational capital to develop the fiscal sector every bit good as its crowned head broadcast medium and other rights. In add-on, Luxembourg ‘s appraisal that its hereafter ballad with close economic cooperation with its neighbours that led to its early bridal of the European Economic Community has besides been greatly to its benefit, as evidenced from the presence of cardinal EU establishments. It can besides be seen as Luxembourg ‘s good luck that its of course multilingual environment allows it to run into the linguistic communication needs of foreign companies and that, when it requires extra human capital to back up its development, the Grand Duchy can pull workers from beyond its boundary lines.
There is no uncertainty the hereafter will keep new challenges. As investing fund prospectuses note, “ Past public presentation does non vouch future consequences. ” Key issues in footings of rational capital include the go oning fight of the fiscal sector, betterment in degrees of instruction and finding extra concern sectors to turn. A cardinal issue for the authorities will be change by reversaling an increasing
budget shortage without a cut in societal benefits that would be perceived as sabotaging the societal contract.
In the 1959 comedy The Mouse that Roared, the Duchy of Grand Fenwick is a loose lampoon of Luxembourg ‘s Grand Duchy. In the movie, the Grand Duke and his Prime Minister make up one’s mind that the lone manner to acquire out of Fenwick ‘s economic sufferings is to declare war on the United States, instantly resignation and accept Marshall Plan- manner foreign assistance. Fenwick returns to occupy New York City with predictably amusing consequences. In contrast, while the coat of weaponries of Luxembourg does so incorporate a king of beasts rampant, howling would non be in Luxembourg ‘s national character. Nonetheless, given the state ‘s prosperity and high quality of life, the Grand Duchy ‘s king of beasts could good be whizzing.