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Summaries of EU Legislation

Conversion rates between national currencies and the euro

SUMMARY OF:

Regulation (EC) No 2866/98 – conversion rates between the euro and the currencies of the countries adopting the euro

WHAT IS THE AIM OF THE REGULATION?

  • It sets the conversion rates between the euro and the former national currencies of the euro area Member States.
  • These rates were adopted on when the first 11 European Union (EU) Member States adopted the euro (Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland).

KEY POINTS

  • To become a member of the euro area, the third stage in the EU’s economic and monetary union, a Member State must meet certain economic and legal conditions known as convergence criteria. These criteria are designed to ensure that countries can demonstrate stability – within certain defined limits – in prices, in their government’s financial position, in exchange rates and in long-term interest rates.
  • The regulation has been amended several times to adopt the conversion rates of new countries joining the euro area:
  • According to Article 140 of the Treaty on the Functioning of the European Union, the conversion rates between the euro and the currencies of the Member States are set by the Council of the European Union. The Council decides with the unanimity of the euro area countries and the country concerned, acting on a proposal from the European Commission and after consulting the European Central Bank.

The conversion rates are irrevocably fixed.

40.34Belgian francs
1.96German marks
15.65Estonian kroons
0.79Irish pounds
340.75Greek drachma
166.39Spanish pesetas
6.56French francs
7.53Croatian kuna
1 936.27Italian lire
0.59Cyprus pounds
0.70Latvian lats
3.45Lithuanian litas
40.34Luxembourg francs
0.43Maltese liras
2.20Dutch guilders
13.76Austrian schillings
200.48Portuguese escudos
239.64Slovenian tolars
30.13Slovak korunas
5.95Finnish marks

FROM WHEN DOES THE REGULATION APPLY?

It has applied since .

BACKGROUND

For further information, see:

MAIN DOCUMENT

Council Regulation (EC) No 2866/98 of on the conversion rates between the euro and the currencies of the Member States adopting the euro (OJ L 359, , pp. 1–2).

Successive amendments to Regulation (EC) No 2866/98 have been incorporated in the basic text. This consolidated version is of documentary value only.

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