Monetary and financial indicators (ei_mf)

Reference Metadata in Euro SDMX Metadata Structure (ESMS)

Compiling agency: Eurostat, the statistical office of the European Union.

Eurostat metadata
Reference metadata
1. Contact
2. Metadata update
3. Statistical presentation
4. Unit of measure
5. Reference Period
6. Institutional Mandate
7. Confidentiality
8. Release policy
9. Frequency of dissemination
10. Accessibility and clarity
11. Quality management
12. Relevance
13. Accuracy
14. Timeliness and punctuality
15. Coherence and comparability
16. Cost and Burden
17. Data revision
18. Statistical processing
19. Comment
Related Metadata
Annexes (including footnotes)

For any question on data and metadata, please contact: EUROPEAN STATISTICAL DATA SUPPORT


1. Contact Top
1.1. Contact organisation

Eurostat, the statistical office of the European Union.

1.2. Contact organisation unit

Unit C1: National accounts methodology. Indicators.

1.5. Contact mail address

2920 Luxembourg LUXEMBOURG

2. Metadata update Top
2.1. Metadata last certified 28/08/2020
2.2. Metadata last posted 28/08/2020
2.3. Metadata last update 28/08/2020

3. Statistical presentation Top
3.1. Data description

The present data collection consists of the following indicators:

  • Interest rates : Day-to-day money market interest rates, 3-month interest rates, Euro yields and Long term government bond yields - Maastricht definition.
  • Bilateral exchange rates against the euro (from 1 January 1999), and against the ECU (up to 31 December 1998): average and end of the period rates.
  • Nominal Effective Exchange Rate (NEER): Nominal effective series measure changes in the value of a currency against a trade-weighted basket of currencies. A rise in the index means a strengthening of the currency. It is produced by the European Commission (DG ECFIN).
  • Real Effective Exchange Rate (REER): Real effective series are a measure of the change in competitiveness of a country or geographical area, by taking into account the change in costs or prices relative to other countries. A rise in the index means a loss of competitiveness. It is produced by the European Commission (DG ECFIN).
3.2. Classification system

Short-term interest rates series are based on national methodologies: EONIA and Euribor (see : follow a European methodology. Both use the same panel of banks.

Euro yield curves: One series is based on "AAA-rated" euro area central government bonds, i.e. debt securities with the most favourable credit risk assessment.
The other series are based on all (AAA-rated and other) euro area central government bonds.

Bilateral exchange rates:

The ECB applies the following rules for the euro reference rates:

  1. The reference rates are usually updated by 15:00 CET on every working day, except on TARGET closing days. They are based on a regular daily concertation procedure between central banks across Europe and worldwide, which normally takes place at 14:15 CET. They are then published on the ECB's website.
  2. Only one reference exchange rate (i.e. the mid-rate) is published for each currency, using the "certain" method (i.e. 1 euro = x foreign currency units).
  3. The number of significant digits used may vary between the currencies, reflecting market conventions. However, in most cases five significant digits are used.
  4. The euro area national central banks may publish more comprehensive lists of euro reference exchange rates than that published by the ECB.

The ECU rates as calculated by the European Commission always have six significant digits. 

Effective exchange rates: Data follow a DG ECFIN methodology. See link in Annex.

3.3. Coverage - sector

Short-term interest rates:  Financial institutions.

Euro yield curves: Only bonds issued by the central government are selected.

Government bond yields: Government sector.

Bilateral exchange rates : Not applicable.

Effective exchange rates: Not applicable.

3.4. Statistical concepts and definitions

Interest rates

The money market rates shown are reference rate for short-term interest rates on the financial market for loans or deposits. Most of the series shown are interbank rates. The following maturities are available: overnight, 1-month, 3-month, 6-month and 12-month.

1-Overnight rates

Euro area series: The rate is the EONIA (Euro OverNight Index Average), the effective overnight reference rate for the euro, computed as a weighted average of all overnight unsecured lending transactions in the interbank market, initiated within the euro area by the contributing panel banks. EONIA is computed with the help of the European Central Bank. The series start in January 1994.

National series: These are usually day-to-day interbank rates.

Denmark: Tomorrow next rate of national bank interbank interest rate. The series start in January 1997.

United Kingdom: The Sterling OIS market uses as its overnight rate reference the "SONIA" (Sterling OverNight Interbank Average) index published by the Wholesale Market Brokers' Association (WMBA). "SONIA" is the daily weighted average of all overnight interbank deposits of more than 5 millions GBP, compiled before 3 p.m. by the seven largest money brokers (about 70% of the market). The British Bankers' Association oversees the calculation. From January 1997 to December 2000, WMBA was publishing the rate, along with associated information, on wire services, in the morning (9.00 a.m.) of the following day.

Thereafter the UK series refer to the Interbank overnight offered rate average, calculated from the British Bankers' Association.

Sweden: SEK deposit overnight STIBOR (STockholm InterBank Offered Rate). From January 1985 to February 1991, the money market interest rate corresponded to a daily rate caught at 11.00 a.m. (ask) from the Reuter-system. Thereafter it is Sweden Interbank overnight offered rate (Stibor) average

2- Rates for 1-month, 3-month, 6-month and 12-month

Euro-area series: From January 1999, the euro area rates are for 1 to 12-month EURo InterBank Offered Rates. EURIBOR is the benchmark rate of the euro money market that emerged in 1999. It is the rate at which euro interbank term deposits are offered from one prime bank to another and is published at 11.00 a.m. CET for spot value (T+2 days). The rate was first published on 4 January 1999 capturing the value of 30 December 1998.

The contributors to EURIBOR are the banks with the highest volume of business in the euro area money markets. The panel of banks consists of:

  • Banks from EU countries participating in the euro from the outset.
  • Banks from EU countries not participating in the euro from the outset.
  • Large international banks from non-EU countries but with important euro area operations.

From January 1990 to December 1993: interbank deposit bid rates weighted by GDP.

From January 1994 to December 1998: 3-month LIBOR.

Denmark: From January 1970 to June 1988 the series is the interbank deposit bid rates.

Thereafter it is CIBOR (Copenhagen InterBank Offered Rate).

CIBOR is a reference interest rate for liquidity offered in the interbank market in Denmark on an uncollateralized basis. No CIBOR reporting bank is under an obligation to supply liquidity to other CIBOR reporting banks at its offered rate. CIBOR reporting banks should aim to offer CIBOR rates that reflect the interest rate level as realistically as possible.

At 10.30 a.m. of each banking day, CIBOR reporting banks fix a CIBOR rate to two decimal places. The rates are reported to Danmarks Nationalbank (the Danish central bank).

Danmarks Nationalbank calculates CIBOR for the individual maturities by omitting the two highest and the two lowest rates and then calculates a simple average of the remaining rates. The rates offered by the individual CIBOR reporting banks are published on the website of Danish Bankers Association after 11.00 a. m.

United Kingdom: LIBOR (London InterBank Offered Rate) average

The BBA LIBOR is the most widely used benchmark or reference rate for short-term interest rates. It is compiled by the BBA (British Bankers Association) and released to the market at about 11.00 a. m. of each day. LIBOR is the rate of interest at which banks borrow funds from other banks, in marketable size, in the London interbank market. Series start in January 1986.

Sweden: From January 1987 to February 1991: Interbank deposit bid rates. Thereafter STIBOR (STockholm InterBank Offered Rate) average.

Turkey: the day-to-day rate is, until December 2018, the interbank repo market rate. From January 2019 it is the rate for all repo transactions.


Euro yields: series are based on "AAA-rated" zero-coupon euro area central government bonds. The series comprise 3 maturities – 1 year, 5 years, and 10 years.

A yield curve, also known as term structure of interest rates, represents the relationship between market remuneration (interest) rates and the remaining time to maturity of debt securities.

The information content of a yield curve reflects the asset pricing process on financial markets. When buying and selling bonds, investors include their expectations of  future inflation, real interest rates and their assessment of risks. An investor calculates the price of a bond by discounting the expected future cash flows (coupon payments and/or redemption).

The European Central Bank estimates zero-coupon yield curves for the euro area and also derives forward and par yield curves. A zero coupon bond is a bond that pays no coupon and is sold at a discount from its face value. The zero coupon curve represents the yield to maturity of hypothetical zero coupon bonds, since they are not directly observable in the market for a wide range of maturities. They must therfore be estimated from existing zero coupon bonds and fixed coupon bond prices or yields. 

The forward curve shows the short-term (instantaneous) interest rate for future periods implied in the yield curve. The par yield reflects hypothetical yields, namely the interest rates the bonds would have yielded had they been priced at par (i.e. at 100).

An outlier removal mechanism is applied to bonds that have passed the selection criteria described in 11.1. Bonds are removed if their yields deviate by more than twice the standard deviation from the average yield in the same maturity bracket. Afterwards, the same procedure is repeated.

Long-term interest rates: definition used is the convergence criterion for EMU (monthly average of central government bond yields on the secondary market, gross of tax, with around 10 years' residual maturity). The series are harmonised for all the Member States apart from Estonia. The Estonian series is not harmonised and is not available in this collection, but is published by the ECB. The series of Luxembourg is fully harmonised only from June 2010.

Bilateral exchange rates

The ECU, a basket of EU currencies, was replaced by the euro at a rate of 1 : 1 on 1 January 1999. From that date, the currencies of the euro-area became sub-divisions of the euro at irrevocably fixed rates of conversion.

It should be pointed out that prior to 1979 the exchange rates refer to the European Unit of Account (EUA) and not the ECU. However, the ECU's value and composition when it was introduced, was identical to that of the EUA. The EUA officially came into existence on 28th June 1974, when it was equal to 1 SDR (Special Drawing Right).

The euro exchange rate series are mostly reference rates published by the ECB. However, the exchange rates for Albania, Republic of North Macedonia, and Serbia are provided by the respective national central bank. The exchange rate of Bosnia and Herzegovina is fixed against the euro. Montenegro, not shown in the table, uses the euro as its currency.

As from 1 January 2005 the currency of Turkey is the new Turkish lira (TRY). 1 TRY equals 1,000,000 Turkish liras (TRL).

As from 1 July 2005 the currency of Romania is the new Romanian leu (RON). 1 RON equals 10,000 old Romanian lei (ROL).

Nominal effective exchange rate (NEER)

The NEER (or "Trade-weighted currency index") of a country or geographical area aims to track changes in the value of that country's currency relative to the currencies of its principal trading partners. It is calculated as a weighted geometric average of the bilateral exchange rates against the currencies of competing countries.

Real effective exchange rate (REER)

Changes in cost and price competitiveness depend not only on exchange rate movements but also on cost and price trends. The REER (or "Relative price and cost indicators") aims to assess a country's (or geographical area's) price or cost competitiveness relative to its principal competitors in international markets. It corresponds to the NEER deflated by nominal unit labour costs (total economy) or consumer prices (CPI/HICP). For the REER two different rates are shown:

  • CPI (consumer price index) - deflated real effective exchange rates
  • ULCT (unit labour costs in the total economy) - deflated real effective exchange rates.

NEER and REER data are presented in the form of indices. Quarterly and yearly data are means of the monthly figures. Series available correspond to four different trade-weighted baskets of competitor countries:

  • EA19= Euro-area Member States
  • EU27 = EU Member States
  • IC37 = EU27 + 10 other industrial countries (Australia, Canada, United States, Japan, Norway, New Zealand, Mexico, Switzerland, United Kingdom and Turkey)
  • Broad group (42) = IC37 + 5 other industrial countries (Russia, China, Brazil, South Korea and Hong Kong). For the broad group only HICP/CPI deflated REER are available.


3.5. Statistical unit

Interest rates: Financial institutions;

Bilateral exchange rates: Not applicable

Effective exchange rates: Index 2010 = 100;

3.6. Statistical population

Interest rates: Financial institutions;

Bilateral exchange rates: Not applicable

Effective exchange rates: Industrial economies;

3.7. Reference area

Euro area, EU aggregates and Member States. For some series data are available for Norway, Switzerland, UK, Republic of North Macedonia, Turkey, USA, and Japan.

Bilateral exchange rates: Non euro-area European Union member states, EFTA countries, EU enlargement countries, other countries.

Effective exchange rates: EU27, Euro area, EU Member States, United Kingdom, Norway, Switzerland,Turkey, Canada, United States, Mexico, Japan, Australia, New Zealand, Brazil, China, South Korea, Hong Kong, Russia

3.8. Coverage - Time

The majority of the series start in the early 1990s but some series are much longer. The daily yield curves are available as of 6 September 2004, and are calculated and released daily according to the TARGET calendar. Exchange rates vs. euro/ECU are available from the 1970s onwards, effective exchange rates from 1994 onwards.

For euro area countries, euro area series replace national monetary aggregates, exchange rates, and short-term interest rate series from January 1999 (January 2001 for Greece, January 2007 for Slovenia, January 2008 for Malta and Cyprus and January 2009 for Slovakia).

3.9. Base period

Effective exchange rates: 2010 = 100.

4. Unit of measure Top

Various, depending on the series. Interest rates are expressed in percentages per annum. Euro yields and long-term interest rates refer to the yield to maturity. Effective exchange rates are expressed in indices.

Units of ECU/euro and national currency for bilateral exchange rates.

5. Reference Period Top

All series are monthly.

6. Institutional Mandate Top
6.1. Institutional Mandate - legal acts and other agreements

Long-term interest rates: the legal basis is Article 121 of the Treaty establishing the European Community (1992) and Protocol on the convergence criteria.

Exchange rates: Council Regulation (EC) No 1478/2000  of 19 June 2000 amending Regulation (EC) No 2866/98 on the conversion rates between the euro and the currencies of the Member States adopting the euro.

Effective exchange rates: Use in economic analyses and forecasts of the European Commission. Inclusion of REER in the list of indicators for the Macroeconomic Imbalance Procedure (MIP) and also as a Sustainable Development Indicator (SDI).

6.2. Institutional Mandate - data sharing

ECB has primary responsibility at the European level for monetary and financial indicators. Long-term interest rates: European Commission and ECB share responsibilities.

7. Confidentiality Top
7.1. Confidentiality - policy

Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society.

7.2. Confidentiality - data treatment

Some series are not disseminated to the general public.

8. Release policy Top
8.1. Release calendar

3-month interest rate, long-term interest rate: the precise date of release each month of these series is disseminated in the calendar on the Eurostat website.

A release calendar is not available for effective exchange rates.

8.2. Release calendar access

The release dates are disseminated on Euro-Indicators Release Calendar.

8.3. Release policy - user access

In line with the Community legal framework and the European Statistics Code of Practice Eurostat disseminates European statistics on Eurostat's website (see item 10 - 'Accessibility and clarity') respecting professional independence and in an objective, professional and transparent manner in which all users are treated equitably. The detailed arrangements are governed by the Eurostat protocol on impartial access to Eurostat data for users.

9. Frequency of dissemination Top


10. Accessibility and clarity Top
10.1. Dissemination format - News release

Eurostat does not normally produce news releases on monetary and financial indicators. ECB produces a monthly news releases on monetary developments in the euro area.

10.2. Dissemination format - Publications

Data may appear in various Eurostat publications, including the monthly Eurostatistics.

Quarterly Report by DG ECFIN on their website.

10.3. Dissemination format - online database

Please consult free data on-line or refer to contact details.

10.4. Dissemination format - microdata access

Not applicable.

10.5. Dissemination format - other

Not applicable.

10.6. Documentation on methodology

Further information on all series may be obtained from the source ESMS metadata (see 'Related Metadata').

For methodology on EURIBOR and EONIA, see

Long-term interest rates: details of the selection criteria for the EMU convergence series, including the yield formula used may be obtained from ECB.

Euro yields:

The bond and price information are provided by EuroMTS Ltd.

The ratings are provided by Fitch Rating.

Quality and selection methodology

All bonds are subject to the same quality and selection methodology. The incoming daily bond data and price/yield information undergo quality checks and scrutiny. This ensures a high quality of representative bond market information as input for the daily yield curve estimations.

Only bonds issued by the central government (European System of Accounts 2010: sector code 'S.1311') are selected.

Only bonds with an outstanding amount of at least €5 billion are included.

Bonds with special features, including ones with specific institutional arrangements, are excluded from the final sample.

Only fixed-coupon with finite maturity and zero coupon bonds are selected, including STRIPS (Separate Trading of Registered Interest and Principal Securities).Variable coupon bonds including inflation-linked bonds and perpetual bonds are not selected.

As liquidity matters, only actively traded central government bonds with a maximum bid-ask spread per quote of three basis points are selected. The prices/yields are those at close of market on the reference day.

In order to reflect a sufficient market depth, the residual maturity brackets have been fixed as ranging from one year up to and including 30 years of residual maturity.

See euro yield curve methodological paper in Annex below.

Bilateral exchange rates: Data for the Euro foreign exchange reference rates are compiled by the European Central Bank. Documentation on methodology is available from the ECB.

Methodology on the euro yield curve may be found at the following address:

Effective exchange rates: Data follow a DG ECFIN methodology:

10.7. Quality management - documentation

Quality report 2018 (published in June 2019) on monetary and financial statistics is produced by the ECB.

Bilateral exchange rates: Not available.

Effective exchange rates: Eurostat's mission is to provide the European Union with a high-quality statistical information service (see ESS quality framework).

11. Quality management Top
11.1. Quality assurance

Euro yields: an outlier removal mechanism is applied to bonds that have passed the selection criteria for calculating the curve. See: and link in annex below.

Effective exchange rates: The entire dataset is recalculated and checked every quarter, as component series are frequently revised.

11.2. Quality management - assessment

Not available.

12. Relevance Top
12.1. Relevance - User Needs

 The euro yield curve is the only official source on government bond yield estimations of all maturities for the euro area.

Long-term interest rates: Covers long-term bond yields of countries outside of the EU (so the Maastricht criterion interest rate collection is not applicable.

The bilateral exchange rates of the euro are used by the public at large. Other statistical domains use the bilateral exchange rates for compiling European and EU aggregates.

Effective exchange rates: The NEER tracks changes in the value of acountry's currency relative to the currencies of its principal trading partners. The REER is used as competitiveness indicator. The series are used in European Commission economic analyses and forecasts. The REER is also included in the MIP indicators.

12.2. Relevance - User Satisfaction

Please consult the last release of Eurostat user satisfaction survey.

12.3. Completeness

Depending on the indicator there is generally good coverage since the early 1990s.  EU aggregate series, when compilation depends on all the component series being available, are often of a short time span.

Bilateral exchange rates: Data covers only periods with convertible currencies.

13. Accuracy Top
13.1. Accuracy - overall

Generally accuracy is very high. However, within some series there are comparability problems due to differences in definitions.

Euro yields: accuracy is very high up to 10 years' maturity.  For longer maturities the number of bonds available for calculation is smaller.

Bilateral exchange rates are not revised.

NEER-REER: Due to frequent updates of the basic data even historic data change frequently, ensuring accuracy over the time series. There is no standard methodology available. As a result effective exchange rate collections can vary between different compilers: DG ECFIN, ECB, IMF and others

13.2. Sampling error

Not applicable.

13.3. Non-sampling error

Not available information.

14. Timeliness and punctuality Top
14.1. Timeliness

Interest rates and euro/ECU exchange rates: tests are undertaken on key series to ensure that the latest data are available on time at Eurostat.

Interest rates: monthly data in general around 15 days after the end of the month. However, euro area central bank interest rates are updated at t+2 working days.

Government bonds: Around 10 days after the end of the corresponding period.

Exchange rates vs. euro: t+2 working days. For Albania and Republic of North Macedonia, the exchange rates are available within a week from the end of the month. For Serbia the exchange rates are available around two weeks from the end of the month.

Effective exchange rates: Around t+4 months depending on the availability of the basic data.

14.2. Punctuality

Updates are usually implemented as scheduled for data with a calendar release.

15. Coherence and comparability Top
15.1. Comparability - geographical

Comparability across countries is not always fully uniform, depending on the series.

Euro yields: Other countries and areas outside the eurro area follow different concepts of yield estimations:

Government bonds: Data set can be used in general for regional comparisons. 

Bilateral exchange rates: Full comparability for most currencies.

Effective exchange rates:Due to use of an index with base period, caution must be used for any geographical comparison. In terms of methodology, geographical comparability is reasonable.

15.2. Comparability - over time

Generally the data are fully comparable over time. Significant series breaks are flagged.

Effective exchange rates: Although the comparability over time of the data can be considered as very high, methodological changes occur and have a limited effect on the overall pattern of REER indicators. Each time these occur, recalculations under the new definitions are performed for the whole time series, safeguarding time series without break.

15.3. Coherence - cross domain

Effective exchange rates: The series should be coherent with the component data from other domains. However, there is no standard methodology for producing NEER and REER statistics.

Other indicators: Generally the data should be fully coherent with ECB and national sources.

15.4. Coherence - internal

Euro yields of 10-year maturity do not correspond to the long-term interest rate series (which is based on bonds of around 10 years' maturity), due to different statistical methodology.

NEER-REER: The series should be coherent with the component data.

16. Cost and Burden Top

Bilateral exchange rates: Only the European Central Bank and national central banks are involved in the data collection. There are no other reporting agents.

Effective exchange rates: No collection of data involved, only the compilation and dissemination.

17. Data revision Top
17.1. Data revision - policy

Generally, revisions arise when the source data are revised, or when there is a change in source or a change in methodology.

Euro yields: Revisions have not yet taken place since September 2004; they are made when they are necessary.

Goverment bonds: Though highly unlikely, data are revised when deemed necessary.

Bilateral exchange rates: Revisions do not take place. Errors are extremely rare and would be corrected immediately.

Effective exchange rates: Policy is to update the full series each quarter. Changes in methodology may occur, in particular the addition of new countries in the compilation process.


17.2. Data revision - practice

Effective exchange rates: Data are not marked as provisional but are subject to revision. Revisions are frequent i.e. every quarter.

 For other series, revisions are quite rare. Major changes in methodology are announced beforehand and are reflected in the metadata.

18. Statistical processing Top
18.1. Source data

Interest rates:

Figures for the EU Member States, United States and Japan are collected by the European Central Bank and transmitted to Eurostat by electronic means.

The source of data for Turkey is the National Central Bank. For Turkey, the annual and quarterly data are calculated by the National Central Bank as an average of the monthly data.

Data prior to 1999 were obtained from the money market and collected directly by the European Commission.

The type of survey depends on the national methodology.

For EONIA and Euribor see

Euro yields: ECB calculations based on EuroMTS data.

Government bonds: National central bank series of US and Japan are transmitted via the European Central Bank (ECB). Series for Turkey is transmitted to Eurostat by the national central bank.

Bilateral exchange:

Data are taken from the European system of central banks or other natonal central banks. Until 31 December 1998 these exchange rates refer to the ECU and the source was the European Commission.

Effective exchange rates

The source for the effective exchange rate collection is DG ECFIN of the European Commission.
Concerning component data, bilateral exchange rates for the current year are the official daily rates recorded at 14.15 hours by the ECB. Historical exchange rates are provided by the IFS (IMF) database. For the period before 1999, a weighted average of the currencies of the Member States now participating in the euro area is used as a proxy for the euro.

Weights are derived using data on bilateral exports from the IMF DoT database and on domestic production from national accounts.

For further details, see the methodology of DG ECFIN.


18.2. Frequency of data collection

Series are all monthly, but the following series are based on daily data collection by the ECB: euro yields, long-term interest rate, exchange rates vs. euro. For effective exchange rates, the calculation is quarterly.

18.3. Data collection

Series are generally transmitted to Eurostat via electronic means.

Interest rates:

The techniques of data collection depend on the national methodology.

For EONIA and Euribor see

Euro yields: online by EuroMTS and ECB

Bilateral exchange rates: File transmissions by the ECB and national central banks.

Effective exchange rates: See DG ECFIN methodology in Annex.


18.4. Data validation

Interest rates: Data may be checked with National authorities, the ECB and the FBE (European banking association).

Bilateral exchange rates: Data may be checked with the ECB, the NCB or the European Commission.

Effective exchange rates: Data may be checked with DG ECFIN.

18.5. Data compilation

Interest rates: Until December 1998, the euro area series is the weighted average of country data.

Euro yields: see ECB page:

Effective exchange rates: The EU27 and euro-area aggregate are calculated by taking as weights each country's share of extra-EU or extra-EMU trade. Double export weights are used to calculate NEER and REER, reflecting not only competition in the home markets of the various competitors, but also competition in export markets elsewhere. Note that the series for individual euro-area countries continue beyond the establishment of the monetary union: their effective exchange rates will continue to vary because of differing trade patterns and cost or price trends.

18.6. Adjustment

None of the series are seasonally adjusted. ECB provides the SA series for the euro area, whereas Eurostat calculates SA series for national data.

Double export weights are used to calculate NEERs and REERs, reflecting not only competition in the home markets of the various competitors, but also competition in export markets elsewhere.


19. Comment Top

Interest rates: For the national series of euro area countries before January 1999 see link "irt_h_ddmr_esms" and "irt_h_mr3_esms" at the bottom of the page. There are series breaks in some series.

Euro yields:

The ECB is presenting the euro yield curve on its website:

together with graphical information and information on monthly maturities ranging from three months up to and including 30 years of residual maturity.

Bilateral exchange rates: In order to derive a continuous time series in a former national currency from the relevant series in ECU/euro, the data in euro should be converted at the fixed conversion rate for the period after the adoption of the euro.

Real effective exchange rates (REER) indices with the following deflators are available on demand:

  • The GDP deflator (market prices)
  • The price deflator of exports of goods and service

Related metadata Top
ert_bil_esms - Bilateral exchange rates
ert_eff_esms - Effective exchange rate indices
irt_euryld_esms - Euro yield curves
irt_st_esms - Short-term interest rates

Annexes Top
Statistical treatment of Eurosystem's international reserves
DG ECFIN Methodology
Euro yield curve methodology