Banque Centrale Du Luxembourg

the banque centrale du luxembourg (bcl) was founded by the laws of 22 april 1998 and 23 december 1998 as amended by the laws of 13 july 2007, 24 october 2008 and 10 november 2009. the bcl was set up at the same time as the european central bank (ecb). its foundation represents the final outcome of long efforts in the context of the creation of the european monetary union (emu). the state of luxembourg is the sole shareholder of the bcl's capital of 175 million euros. the independence of the bcl is however 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, banknotes issuing, financial stability, payment systems and even economic analysis.