PRESS RELEASE

Setting-up of common market standards

8 July 1998

At its meeting on 7 July 1998 the Governing Council of the European Central Bank reached agreement on a number of issues related to the quotation and publication of reference exchange rates for the euro:

  1. No euro area-wide official fixing procedure for the euro involving the ESCB, i.e. the ECB and the NCBs, will be set up. However, since there is a need for the daily publication of reference exchange rates, the ECB will compute and publish reference exchange rates for the euro on a daily basis for the following currencies:
    AUD Australian dollar
    CAD Canadian dollar
    CHF Swiss franc
    CYP Cyprus pound
    CZK Czech koruna
    DKK Danish krone
    EEK Estonian kroon
    GBP Pound sterling
    GRD Greek drachma
    HUF Hungarian forint
    JPY Japanese yen
    NOK Norwegian krone
    NZD New Zealand dollar
    PLN Polish zloty
    SEK Swedish krona
    SIT Slovenian tolar
    USD US dollar
    Furthermore, the Governing Council decided that:
  2. the reference rates will be based on the regular daily concertation procedure between central banks, which normally takes place at 2.15 p.m. (C.E.T.). The reference exchange rates will be published via electronic market information providers shortly after the concertation procedure has been completed;
  3. only one reference exchange rate (i.e. the mid-rate) per currency will be published, using the "certain" method (i.e. 1 euro = x foreign currency units);
  4. the number of significant digits used may vary between the currencies, reflecting market conventions. However, in most cases five significant digits will be used;
  5. the euro area NCBs may publish more comprehensive lists of euro reference exchange rates than that published by the ECB.

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