Crisis atlas / LUX

Luxembourg

7 distinct crisis events in 2 episodes, 2008–2021, from the union of five primary chronologies.

Debt profile: government debt trajectory and crisis-start levels →

Banking crises

Currency crises

Sovereign debt crises

Crisis events

2008–2021

Span

Crisis timeline

Every distinct (year, type) event, most recent first, with the chronologies flagging it. Start-year sources (GMD, JST) do not mark continuation years, so long episodes show lower agreement after their first year.

2021
Bankingesrb1 source
2020
Bankingesrb1 source
2012
Bankinglaeven_valencia1 source
2011
Bankinglaeven_valencia1 source
2010
Bankingesrb, laeven_valencia2 sources
2009
Bankingesrb, laeven_valencia2 sources
2008
Bankingesrb, gmd, laeven_valencia3 sources

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) | Jordà-Schularick-Taylor Macrohistory R6 | Laeven & Valencia (2020) | Reinhart-Rogoff via HBS BFFS | ECB/ESRB Financial Crises Database Methodology

Macro context around each episode

Inflation, central-bank policy rate, and government debt in a window of five years either side of each crisis episode (consecutive crisis years bridged across gaps of up to two years). Crisis years shaded.

2008–2012

BankingFiscal cost 7.2% of GDP, output loss 43.3% of GDP (Laeven-Valencia 2026)

Inflation (% y/y)

Policy rate (%)

Govt debt (% of GDP)

2020–2021

Banking

Inflation (% y/y)

Policy rate (%)

Govt debt (% of GDP)

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) Inflation is % year over year; policy rate is the central-bank rate in %; government debt is % of GDP. Methodology