8  BIS Review 167/2010  not facilitated a smooth transition to a new equilibrium, but rather fed distorted expectations of growth among private agents, leading to excessive debt and risk taking, masking the need for economic adjustment to adapt to these global changes.
In the year 2002, the Luxembourg banking sector has seen its net results deteriorating on an aggregated basis by 6%, although the evolution is unequally spread among the individual financial institutions.