With the exception of the SDR, the exchange rates are euro exchange rates published by the ECB. They are based on the regular concertation procedure between national central banks, held daily at 3.15 pm Finnish time. The exchange rates are based on market rates prevailing at the time of publication. Exchange rates are published on TARGET operating days. Annual averages are calculated from daily euro exchange rates.
On 31 December 1998, the Council of the European Union adopted the conversion rates between the euro and the national currencies of EU Member States adopting the euro. Table ‘Euro conversion rates’ also shows indicative unofficial fixed rates between the markka and the national currency units of the euro. Article 4(4) of Council regulation (EC) No 1103/97 on certain provisions relating to the introduction of the euro should be observed in respect of conversions between the different national currency units of the euro. The Article reads as follows: ‘Monetary amounts to be converted from one national currency unit into another shall first be converted into a monetary amount expressed in the euro unit, which amount may be rounded to not less than three decimals and shall then be converted into the other national currency unit.
Member States that have not adopted the euro may link their national currencies to the euro by participating in the exchange rate mechanism ERM II. Upon joining, the ECB and the national central bank concerned agree on the central rate between the euro and the participating currency and the compulsory intervention rates, i.e. limits within which the national currency's value against the euro is maintained, if necessary, via foreign exchange interventions.