Reference metadata describe statistical concepts and methodologies used for the collection and generation of data. They provide information on data quality and, since they are strongly content-oriented, assist users in interpreting the data. Reference metadata, unlike structural metadata, can be decoupled from the data.
Eurostat, the statistical office of the European Union
1.2. Contact organisation unit
C.1: National accounts methodology; Standards and indicators
1.3. Contact name
Restricted from publication
1.4. Contact person function
Restricted from publication
1.5. Contact mail address
2920 Luxembourg LUXEMBOURG
1.6. Contact email address
Restricted from publication
1.7. Contact phone number
Restricted from publication
1.8. Contact fax number
Restricted from publication
2.1. Metadata last certified
2 March 2023
2.2. Metadata last posted
2 March 2023
2.3. Metadata last update
2 March 2023
3.1. Data description
For the countries belonging to the euro area, these are factors for converting euro fixed series (NAC) into euro/ECU series (EUR), and vice-versa.
3.2. Classification system
National currencies
3.3. Coverage - sector
Not applicable.
3.4. Statistical concepts and definitions
Conversion factors
The aim of the conversion factors is to enable euro fixed series to be converted into euro/ECU series, and vice-versa. Euro fixed series can therefore be reconciled with the same series expressed in euro/ECU, without having first to convert data into the former national currency using the euro fixed rate.
The conversion factors for a particular euro-area country and time period are derived as follows.
Conversion factor = euro/ECU exchange rate of former currency
euro fixed rate
In order to convert euro fixed data into euro/ECU, divide by the conversion factor of that country for the relevant period. For converting euro/ECU data into euro fixed, multiply by the conversion factor. For greater accuracy, the conversion factors should be used non-rounded.
To obtain the 'old' national currency series from the euro fixed series, multiply the latter by the relevant euro fixed factor as shown in the above table on euro fixed rates.
Euro fixed series (NAC): national currency series for euro-area countries. This currency denomination should be used for single country time series. Prior to the adoption of the euro, the data are converted from the former national currency by applying the euro fixed rate.
Euro/ECU series (EUR): series expressed in euro (from 1 January 1999), and ECU (until 31st December 1998). The euro replaced the ECU on a 1 : 1 basis. This currency denomination should be used for cross-country comparisons and for aggregation.
Euro fixed rate: irrevocably fixed conversion rates of former national currencies into euro (1 EUR = ...), as shown in the following table:
Code
Currency
Rate against euro
Date of adoption of euro
BEF
Belgian franc
40.3399
1 January 1999
DEM
German mark
1.95583
1 January 1999
ESP
Spanish peseta
166.386
1 January 1999
FRF
French franc
6.55957
1 January 1999
IEP
Irish pound
0.787564
1 January 1999
ITL
Italian lira
1936.27
1 January 1999
LUF
Luxembourg franc
40.3399
1 January 1999
NLG
Dutch guilder
2.20371
1 January 1999
ATS
Austrian schilling
13.7603
1 January 1999
PTE
Portuguese escudo
200.482
1 January 1999
FIM
Finnish markka
5.94573
1 January 1999
GRD
Greek drachma
340.750
1 January 2001
SIT
Slovenian tolar
239.640
1 January 2007
MTL
Maltese lira
0.429300
1 January 2008
CYP
Cyprus pound
0.585274
1 January 2008
SKK
Slovak koruna
30.1260
1 January 2009
EEK
Estonian Kroon
15.6466
1 January 2011
LVL
Latvian lats
0.702804
1 January 2014
LTL
Lithuanian litas
3.45280
1 January 2015
HRK
Croatian Kuna
7.53450
1 January 2023
3.5. Statistical unit
Not applicable.
3.6. Statistical population
Not applicable.
3.7. Reference area
Euro-area Member States, it comprises 20 Member States:
Belgium
(BE)
Germany
(DE)
Estonia
(EE)
Ireland
(IE)
Greece
(EL)
Spain
(ES)
France
(FR)
Croatia
(HR)
Italy
(IT)
Cyprus
(CY)
Latvia
(LV)
Lithuania
(LT)
Luxembourg
(LU)
Malta
(MT)
Netherlands
(NL)
Austria
(AT)
Portugal
(PT)
Slovenia
(SI)
Slovakia
(SK)
Finland
(FI)
3.8. Coverage - Time
The lengths of series vary according to country. Series start in 1971 at the earliest, and end when the country enters the euro area. For 11 euro area Member States data are to 31 December 1998, Greece to 31 December 2000, Slovenia to 31 December 2006, Cyprus and Malta to 31 December 2007, Slovakia to 31 December 2008, Estonia to 31 December 2010, Latvia to 31 December 2013, Lithuania to 31 December 2014, Croatia to 31 December 2022.
3.9. Base period
Not applicable.
Not applicable.
Monthly, quarterly and annual data are available as average and as value at end of period.
6.1. Institutional Mandate - legal acts and other agreements
The fixed conversion rates are adopted for the currency of each Member State of the euro area by the Council, in accordance with the first sentence of Article 123 (4) (ex-Article 109 l) of the Treaty establishing the European Community.
6.2. Institutional Mandate - data sharing
Not applicable.
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
Not applicable.
8.1. Release calendar
Usually data are published one day after the reference period, t+1 day.
8.2. Release calendar access
Not applicable.
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.
Data are used to compile long time series covering periods before and after accession to the euro area.
12.2. Relevance - User Satisfaction
Not available.
12.3. Completeness
Data are complete from the beginning of each series of nominal bilateral exchange rates, on which the calculations are based.
13.1. Accuracy - overall
No estimation; only mathematical calculation.
13.2. Sampling error
Not applicable.
13.3. Non-sampling error
Not applicable.
14.1. Timeliness
Usually data are published one day after the reference period, t+1 day. When a country enters the euro area, it is t+7 days.
14.2. Punctuality
Not available.
15.1. Comparability - geographical
The conversion factors are fully comparable.
15.2. Comparability - over time
The conversion factors are fully comparable
15.3. Coherence - cross domain
The statistics are fully reconcilable by reproducing them using the formula on which they are based.
15.4. Coherence - internal
Fully coherent internally.
None: The indicator is based on calculation and not based on any additional reporting.
17.1. Data revision - policy
All data disseminated consist of data already disseminated by the ECB. The revision policy is therefore effectively the revision policy applied by the ECB.
17.2. Data revision - practice
The revision practice effectively corresponds to the revision practice of the ECB. Because of the nature of the data, ECB normally revises the data in case of error correction, which happen rarely, since errors are extremely infrequent.
18.1. Source data
Nominal bilateral exchange rates from ECB, please check the ECB webpage.
18.2. Frequency of data collection
Annual, quarterly, monthly.
18.3. Data collection
Not applicable.
18.4. Data validation
Not applicable.
18.5. Data compilation
Not applicable.
18.6. Adjustment
Not applicable.
None
For the countries belonging to the euro area, these are factors for converting euro fixed series (NAC) into euro/ECU series (EUR), and vice-versa.
2 March 2023
Conversion factors
The aim of the conversion factors is to enable euro fixed series to be converted into euro/ECU series, and vice-versa. Euro fixed series can therefore be reconciled with the same series expressed in euro/ECU, without having first to convert data into the former national currency using the euro fixed rate.
The conversion factors for a particular euro-area country and time period are derived as follows.
Conversion factor = euro/ECU exchange rate of former currency
euro fixed rate
In order to convert euro fixed data into euro/ECU, divide by the conversion factor of that country for the relevant period. For converting euro/ECU data into euro fixed, multiply by the conversion factor. For greater accuracy, the conversion factors should be used non-rounded.
To obtain the 'old' national currency series from the euro fixed series, multiply the latter by the relevant euro fixed factor as shown in the above table on euro fixed rates.
Euro fixed series (NAC): national currency series for euro-area countries. This currency denomination should be used for single country time series. Prior to the adoption of the euro, the data are converted from the former national currency by applying the euro fixed rate.
Euro/ECU series (EUR): series expressed in euro (from 1 January 1999), and ECU (until 31st December 1998). The euro replaced the ECU on a 1 : 1 basis. This currency denomination should be used for cross-country comparisons and for aggregation.
Euro fixed rate: irrevocably fixed conversion rates of former national currencies into euro (1 EUR = ...), as shown in the following table:
Code
Currency
Rate against euro
Date of adoption of euro
BEF
Belgian franc
40.3399
1 January 1999
DEM
German mark
1.95583
1 January 1999
ESP
Spanish peseta
166.386
1 January 1999
FRF
French franc
6.55957
1 January 1999
IEP
Irish pound
0.787564
1 January 1999
ITL
Italian lira
1936.27
1 January 1999
LUF
Luxembourg franc
40.3399
1 January 1999
NLG
Dutch guilder
2.20371
1 January 1999
ATS
Austrian schilling
13.7603
1 January 1999
PTE
Portuguese escudo
200.482
1 January 1999
FIM
Finnish markka
5.94573
1 January 1999
GRD
Greek drachma
340.750
1 January 2001
SIT
Slovenian tolar
239.640
1 January 2007
MTL
Maltese lira
0.429300
1 January 2008
CYP
Cyprus pound
0.585274
1 January 2008
SKK
Slovak koruna
30.1260
1 January 2009
EEK
Estonian Kroon
15.6466
1 January 2011
LVL
Latvian lats
0.702804
1 January 2014
LTL
Lithuanian litas
3.45280
1 January 2015
HRK
Croatian Kuna
7.53450
1 January 2023
Not applicable.
Not applicable.
Euro-area Member States, it comprises 20 Member States:
Belgium
(BE)
Germany
(DE)
Estonia
(EE)
Ireland
(IE)
Greece
(EL)
Spain
(ES)
France
(FR)
Croatia
(HR)
Italy
(IT)
Cyprus
(CY)
Latvia
(LV)
Lithuania
(LT)
Luxembourg
(LU)
Malta
(MT)
Netherlands
(NL)
Austria
(AT)
Portugal
(PT)
Slovenia
(SI)
Slovakia
(SK)
Finland
(FI)
Monthly, quarterly and annual data are available as average and as value at end of period.
No estimation; only mathematical calculation.
Not applicable.
Not applicable.
Nominal bilateral exchange rates from ECB, please check the ECB webpage.
Monthly, quarterly and annually
Usually data are published one day after the reference period, t+1 day. When a country enters the euro area, it is t+7 days.
