Luxembourg or more formally "Grand Duchy of Luxembourg", used to be the smallest country of the European Union (EU-15) population-wise with its 450.000 inhabitants, but lost its place since Malta joined the European Union (EU-25). The country is very industrialized and is very well renowned for its banking sector. Luxembourg and Belgium have a long history of conducting their foreign trade as one. Later the Benelux Customs Union was formed including also the Netherlands.