The Central Bank of Luxembourg (BCL) is the monetary authority of Luxembourg and a member of the Eurosystem and the European System of Central Banks. It was established on 1 June 1998 in accordance with the provisions of the Law of 22 April 1998. It is currently governed by its organic law of 23 December 1998 as amended on several occasions. The BCL was created at the same time as the European Central Bank (ECB). Its foundation represents the culmination of long efforts in the creation of the European Monetary Union (see also Eurosystem ). The State is the sole holder of BCL's capital, which is set at € 175 million (€ 25 million at December 31, 1998). The Bank completed a capital increase on June 1, 2009 for an amount of € 150 million through the capitalization of reserves. However , the independence of the BCL is guaranteed by law and by the Treaty. The BCL's contribution is important for the euro area and for the country. The Maastricht Treaty and the advent of the euro necessitated the creation of a central bank. The BCL is entrusted with essential tasks relating to monetary policy , banknote issuance , financial stability , payment systems and economic analysis .