Jean-Claude Juncker revealed that the government approved the printing of 52 billion francs’ worth of a new Luxembourg currency, at the height of the European currency crisis in 1992. A Luxembourg-only currency, not linked with the Belgian franc.
The money was stored in a munitions depot belonging to the army following its creation in secret, with the currency carrying an image of Grand Duchess Charlotte.
The whole affair was a secret between the Grand Duke, the then-Prime Minister Jacques Santer and Juncker himself.
According to Juncker, the money was burned on 1 January 1999, with the inauguration of the Euro. Juncker described it as a major accomplishment on behalf of the Luxembourg army, joking that for once they had something to do.
The former Prime Minister also made it clear that such an act would be considered irresponsible nowadays with the existence of the Eurozone.
