BRUSSELS (AP) — As the European Union’s wealthiest country, Luxembourg could have been forgiven for thinking that it would never find itself on the bloc’s financial risk list.

With just half a million people living on a tiny patch of lush land nestled between Belgium, France and Germany, Luxembourg is as tranquil as a buzzing financial center gets. Still, some of Europe’s regulators and politicians have started wondering aloud whether its banks might be holding the 17-nation eurozone’s next ticking bomb.