Help Print this page 

Summaries of EU Legislation

Title and reference
Conversion rates between national currencies and the euro

Summaries of EU legislation: direct access to the main summaries page.
Languages and formats available
Multilingual display
Text

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 countries.
  • These rates were adopted on 31 December 1998 when the first 11 EU countries adopted the euro (Belgium, Germany, Spain, France, Ireland, 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, an EU country 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 rate stability 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 EU, the conversion rates between the euro and the currencies of the EU countries are set by the Council of the EU. It 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:

1 euro =

Exchange rate

Former national currency

 

40.34

Belgian francs

 

1.96

German marks

 

15.65

Estonian kroons

 

340.75

Greek drachma

 

166.39

Spanish pesetas

 

6.56

French francs

 

0.79

Irish pounds

 

1 936.27

Italian lire

 

0.59

Cyprus pounds

 

0.70

Latvian lats

 

3.45

Lithuanian litas

 

40.34

Luxembourg francs

 

0.43

Maltese liras

 

2.20

Dutch guilders

 

13.76

Austrian schillings

 

200.48

Portuguese escudos

 

239.64

Slovenian tolars

 

30.13

Slovak korunas

 

5.95

Finnish marks

FROM WHEN DOES THE REGULATION APPLY?

It has applied since 1 January 1999.

BACKGROUND

For more information, see:

MAIN DOCUMENT

Council Regulation (EC) No 2866/98 of 31 December 1998 on the conversion rates between the euro and the currencies of the Member States adopting the euro (OJ L 359, 31.12.1998, 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.

last update 25.07.2016

Top