Conversion rates

Conversion rates

Outline of the Community (European Union) legislation about Conversion rates

Topics

These categories group together and put in context the legislative and non-legislative initiatives which deal with the same topic.

Economic and monetary affairs > Institutional and economic framework of the euro

Conversion rates

Document or Iniciative

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 [See amending acts].

Summary

This Regulation sets the conversion rates between the euro and the former national currencies of the Member States. These rates were adopted on 31 December 1998 when the first eleven Member States adopted the euro (Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland).

This Regulation has subsequently been amended several times to adopt the conversion rates of new Member Sates joining the euro area:

  • Greece in 2001;
  • Slovenia in 2007;
  • Cyprus and Malta in 2008;
  • Slovakia in 2009;
  • Estonia in 2011.

According to Article 140 of the Treaty on the Functioning of the EU, the conversion rates between the euro and the currencies of the Member States are set by the Council of the EU. It decides with the unanimity of the Member States whose currency is the euro and the Member State concerned, acting on a proposal from the Commission and after consulting the European Central Bank. Moreover, the conversion rates are irrevocably fixed:

1 euro Exchange Rate Former national currency
40.3399 Belgian francs
1.95583 German marks
15.6466 Estonian kroon
340.750 Greek drachma
166.386 Spanish pesetas
6.55957 French francs
0.787564 Irish pounds
1936.27 Italian lire
0.585274 Cyprus pounds
40.3399 Luxembourg francs
0.429300 Maltese liri
2.20371 Dutch guilders
13.7603 Austrian schillings
200.482 Portuguese escudos
239.640 Slovene tolars
30.1260 Slovakian kroon
5.94573 Finnish marks

References

Act Entry into force Deadline for transposition in the Member States Official Journal
Regulation (EC) No 2866/98

1.1.1999

OJ L 359 of 31.12.1998

Amending act(s) Entry into force Deadline for transposition in the Member States Official Journal
Regulation (EC) No 1478/2000

1.1.2001

OJ L 167 of 7.7.2000

Regulation (EC) No 1086/2006

1.1.2007

OJ L 195 of 15.7.2006

Regulation (EC) No 1134/2007

1.1.2008

OJ L 256 of 2.10.2007

Regulation (EC) No 1135/2007

1.1.2008

OJ L 256 of 2.10.2007

Regulation (EC) No 694/2008

1.1.2009

OJ L 195 of 24.7.2008

Regulation (EU) No 671/2010

1.1.2011

OJ L 196 of 28.7.2010

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