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Luxembourg’s Grand Duke Henri has abdicated after 25 years on the throne, handing over the largely ceremonial role as head of the small European state to his eldest son Guillaume.

The 43-year-old new Grand Duke was sworn in before parliament on Friday ahead of an evening gala, which is set to be attended by a number of European royals and leaders, including French President Emmanuel Macron, who is also co-prince of Andorra — the only remaining diarchy dating back to 1278.

Wedged between France, Belgium and Germany, Luxembourg is a financial powerhouse, home to the European Investment Bank — the world’s largest multilateral lender — the Eurozone bailout fund (ESM) and the EU’s top court and prosecutor’s office.

Nationwide celebrations are being held in coming days to mark the dynastic transition in the world’s last remaining grand duchy, with a population of nearly 700,000. On Saturday, Guillaume is set to visit five different locations to celebrate “the diversity of Luxembourg society”, his office said.

Henri had announced his abdication in an emotional televised address on Christmas Eve, in which he reflected “with deep gratitude and humility” on his 25 years on the throne which included the 2008 global financial crisis that roiled the country’s economy.

“It has been a period during which Luxembourg has made much progress, and I am pleased to have been able to be part of that journey with you,” Henri said in that speech.

The abdication follows another royal succession in Denmark earlier this year, where Queen Margrethe ended her 52-year reign, handing over the throne to her son Frederik.

In line with other European monarchs, the Grand Duke plays a largely symbolic role of signing bills into law and representing national unity, with political power in the hands of parliament and the government.

Luxembourg’s current affairs are being led by Prime Minister Luc Frieden, including participation at EU and Nato summits and the role of commander-in-chief of the armed forces, which consist of about 1,000 soldiers.