Table of Contents:
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 |