pol. mon

Monetary Policy

The Banque centrale du Luxembourg is part of the Eurosystem, which is composed of the European Central Bank  (ECB) in Frankfurt and the national central banks (NCBs) of countries having adopted the euro as their currency.

The Eurosystem is responsible for the formulation of the single monetary policy, monetary policy decisions and their implementation in the euro area.  


  • Single Monetary Policy
    The Treaty on the Functioning of the European Union specifies as the primary objective of the single monetary policy the maintenance of price stability in the euro area as a whole. (...)
  • The role of the BCL
    The Banque centrale du Luxembourg provides a variety of analyses to support the Governor in taking informed monetary policy decisions, and as part of the Eurosystem, is responsible for the implementation of the single European monetary policy in Luxembourg. (...)
  • Monetary policy decisions
    The Governor of the Banque centrale du Luxembourg is a member of the Governing Council of the ECB, which includes the governors of all euro area national central banks and the six members of the Executive Board of the ECB. (...)
  • Monetary policy instruments
    The Eurosystem has a set of monetary policy instruments and procedures at its disposal to achieve its main objective of maintaining price stability in the euro area. (...)
  • Counterparties
    The counterparties of Eurosystem monetary policy operations must fulfill certain general eligibility criteria as specified in the ECB’s General Documentation. (...)
  • Eligible assets
    Eurosystem refinancing operations must rely on adequate collateral. (...)