Luxembourg farms. Luxembourg has especially close trade and financial ties to Belgium and the Netherlands (see Benelux), and as a member of the EU it enjoys the advantages of the open European market. With $171 billion in May 2015, the country ranks eleventh in the world in holdings of U.S. Treasury securities. However, securities owned by non-Luxembourg residents, but held in custodial accounts in Luxembourg, are also included in this figure. Luxembourg has efficient road, rail and air transport facilities and services. The road network has been significantly modernised in recent years with of motorways connecting the capital to adjacent countries.
Provinces of Belgium and Luxembourg, as well as parts of modern Germany and France, comprised a number of rival and independent feudal states of varying sizes. These each had their own identities and governments, though in the early modern period almost all the Belgian states became part of larger entities (the Seventeen Provinces (1549-1581) and the Southern Netherlands (after 1581)). Prominent early states in the area of modern Belgium included the Duchy of Brabant, the County of Flanders, the Prince-Bishopric of Liège and the Duchy of Luxembourg; smaller ones included the County of Hainaut, the Duchy of Limburg and the County of Namur,