Luxembourg was for many years the weaker party in a currency union controlled by Belgium, but eventually set up its own central bank and joined EMU as an equal member.

Years Targets and attainment Classification
1974-98 membership of currency union with Belgium in form of Belgium-Luxembourg Economic Union, but Luxembourg had no central bank of its own Use of another sovereign’s currency UASC
1999-2017 membership of European Monetary Union, now with Luxembourg’s own central bank currency union CU

Selected IMF references: SR 1983 pp7, 12-13; RED 1994 p7; SR 1996 p6.

Additional source: Houben (2000, especially pp202-4, 300-301).

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