Established in 1998, Banque centrale du Luxembourg (BCL) is the monetary authority of Luxembourg and a member of the Eurosystem and the European System of Central Banks. The sole shareholders of Banque centrale du Luxembourg capital is the state of Luxembourg. As well as defining and implementing the Eurosystem's monetary policy, Banque centrale du Luxembourg is involved in contributing to financial stability of Luxembourg, issuing euro banknotes, compiling statistics, conducting research and oublishing its results, providing services to the State and to individuals.