Banque Centrale Du Luxembourg
The Banque centrale du Luxembourg (BCL) was founded by the laws of 22 April 1998 and 23 December 1998. It came it to being at the same time as the European Central Bank (ECB), on the 1st June 1998. Its foundation represents the final outcome of long efforts in the context of the creation of the European Monetary Union (EMU, see also Eurosystem).
The Luxembourg State is the sole holder of the capital of the Central Bank, which is set at 25 million euros. Its independence, however, is provided for by its founding law and by the Maastricht Treaty.
The BCL’s contribution is important for the euro area and for the country. The Maastricht Treaty and the advent of the euro made the creation of a central bank necessary. The BCL is in charge of essential missions regarding monetary policy, the issuing of banknotes, financial stability, payment systems and even economic analysis.
