2 Euro (Appointment of Jean as lieutenant-représentant) – Grand Duchy of Luxembourg

In 2011, the Grand Duchy of Luxembourg's currency situation was firmly anchored within the Eurozone framework, having adopted the euro as its sole legal tender in 1999 (for accounting) and 2002 (for physical notes and coins). As a founding member of the euro area, Luxembourg had fully ceded its national monetary policy to the European Central Bank (ECB). This integration provided significant stability and reinforced Luxembourg's position as a premier international financial centre, with its economy and banking sector deeply intertwined with the single currency. The euro facilitated seamless cross-border transactions, which was crucial for a small, open economy where the financial sector constituted a dominant part of GDP.

However, the year was dominated by the escalating European sovereign debt crisis, which posed indirect but serious challenges. While Luxembourg itself maintained a AAA credit rating and prudent public finances with low debt-to-GDP ratios, the stability of its entire financial system was exposed to the systemic risks emanating from the euro area's periphery. The crisis prompted intense EU-level discussions on strengthening economic governance, fiscal discipline, and banking sector stability—all matters of critical importance to Luxembourg's economic model. Domestically, there was heightened scrutiny of the banking sector's exposure to troubled eurozone sovereign debt and the health of its key currency union partners.

Consequently, Luxembourg's 2011 currency narrative was one of a stable domestic euro regime operating within a turbulent monetary union. The government, under Prime Minister Jean-Claude Juncker (who also served as President of the Eurogroup), was an active participant in crafting EU crisis responses, including the establishment of the European Stability Mechanism (ESM). The primary focus was not on the currency itself, but on preserving the integrity and credibility of the Eurozone as a whole, which was the essential foundation for Luxembourg's financial prosperity and economic stability.