US Treasury Secretary Meets with Finance Minister Backes, Visits Luxembourg American Cemetery

Luxembourg's Ministry of Finance has reported that the United States Secretary of the Treasury, Janet Yellen, visited the Grand Duchy on Monday 16 October 2023.

Janet Yellen attended a bilateral meeting with Luxembourg's Minister of Finance, Yuriko Backes, on this occasion. As the ministry noted, this was the first visit by a member of President Biden's cabinet to Luxembourg. Janet Yellen also attended a Eurogroup meeting held in Luxembourg-Kirchberg on Monday afternoon.

During their bilateral meeting, Finance Minister Backes and Treasury Secretary Yellen discussed economic relations between Luxembourg and the United States, with a particular focus on the financial sector. Financial relations between the two countries have a history spanning over 50 years and remain "very strong", noted the ministry. American banking institutions and asset managers play a leading role in Luxembourg's financial sector, representing 20% of the assets managed in Luxembourg's fund industry.

Minister Backes and Secretary Yellen also discussed recent macroeconomic developments as well as current geopolitical challenges. They reaffirmed their commitment to ensuring the effectiveness of sanctions imposed by the United States and the European Union, in cooperation with their allies and partners, against Russia. Moreover, they highlighted the importance of preventing any attempts to circumvent these sanctions.

After their bilateral meeting and the Treasury Secretary's meeting with the Eurogroup ministers, Minister Backes and Secretary Yellen, jointly paid tribute to General Patton and the 5,074 American soldiers who fell during the Second World War, buried at the American Cemetery in Luxembourg at Hamm. They laid a wreath on the grave of Nancy Leo, the only woman resting in Hamm, thus paying tribute to this 2nd Lieutenant from Maryland who passed away on 24 July 1945, at the age of 23.

Minister Backes stated: "It was a true pleasure and honour to welcome the US Secretary of the Treasury, Janet Yellen, here in Luxembourg, highlighting our deep ties. These exchanges represent a valuable opportunity to strengthen our collaboration in all areas. Our visit to the American cemetery testifies to our deep respect for the sacrifices made in the past for the sake of freedom. In the current geopolitical context, marked by significant challenges, our determination to maintain and build upon the close ties between our two nations for future generations is stronger than ever."

Secretary Yellen said: "I am grateful for the opportunity to discuss furthering our strong cooperation with the government of Luxembourg. The American Cemetery in Luxembourg is deeply moving and is a vivid testament to the enduring bond between the United States and Luxembourg, as well as a poignant reminder of the importance of the democratic values we share with Europe."