Navigating currency exchange rates can be complex, especially when dealing with international finance. The European Commission provides a valuable tool – a static currency converter that offers official monthly accounting rates for the euro and various currency conversion rates. This tool is primarily designed for calculating expenses within the EU framework, but it’s also a useful resource for anyone needing historical Euro exchange rate data.
Understanding the EU Commission’s Currency Converter
The European Commission’s converter uses rates established by its Accounting Officer, adhering to Article 19 of the Financial Regulation. Initially created for internal use, specifically for reimbursements of expenses like travel and meeting costs for external participants, this converter is now publicly accessible.
This means the rates you find are the official figures used within the European Union’s financial administration for specific accounting purposes. While publicly available, it’s important to understand its primary function and the nature of the data it provides.
Source of the Exchange Rates: European Central Bank (ECB)
The exchange rates provided by the converter are not arbitrary figures. They are based on market rates recorded by the European Central Bank (ECB). Specifically, the rates are taken from the second to last day of the preceding month. This ensures a consistent and reliable benchmark for calculations. In cases where ECB data isn’t available for certain currencies, the converter relies on rates provided by EU delegations or other appropriate sources close to that date, maintaining accuracy and relevance as much as possible.
Historical Data and Currency Coverage
One of the significant advantages of this converter is its historical depth. You can access monthly currency conversion rates dating back to 1994. This historical archive is invaluable for researchers, economists, or anyone needing to analyze past exchange rate fluctuations.
Furthermore, InforEuro, the provider of these rates, covers a wide range of currencies, including both current and older currencies from countries within and outside the European Union. For each currency, you can find historical conversion rates against the euro (and before 1999, against the ECU – European Currency Unit). This broad coverage makes it a comprehensive resource for Euro-related currency conversions. These exchange rates are also available for download in electronic format since March 1994, offering convenient access for data analysis and integration into other systems.
Important Disclaimer: Informative Use Only
It’s crucial to understand the limitations and intended use of this information. The European Commission explicitly states that the information provided on this page is strictly for informative purposes related to the implementation of the EU budget. While the data is based on reliable sources like the ECB, no warranty of accuracy is given. The European Commission explicitly disclaims any responsibility concerning the published rates. This means the rates are provided as a reference and do not grant users any legal rights. Inquiries from the general public regarding the rates are also generally disregarded, as the tool is primarily designed for its specific internal purpose.
In summary, the European Commission’s Euro to Dollar converter is a powerful tool for accessing official, ECB-sourced historical exchange rates, primarily intended for EU budget implementation but also useful as an informative resource for general users. Always remember its informative nature and the disclaimers associated with its use.
For further information, you can contact the European Commission’s treasury department at tresorerieec [dot] europa [dot] eu (tresorerie[at]ec[dot]europa[dot]eu).
