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author= European Central Bank;
description= The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.;
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change rates skip to skip to navigation skip to content skip to footer en български čeština dansk deutsch eλληνικά english español eesti keel suomi français gaeilge hrvatski magyar italiano lietuvių latviešu malti nederlands polski português română slovenčina slovenščina svenska menu monetary policy markets monetary policy markets our monetary policy strategy the tools we use and the impact they have overview of monetary policy and markets quick links what is monetary policy strategy review asset purchase programmes latest monetary policy press conference 29 october 2026 introduction benefits of price stability scope of monetary policy transmission mechanism decisions statements accounts monetary policy strategy strategy review medium term orientation two per cent inflation target economic monetary and financial analysis economic analysis monetary and financial analysis monetary policy operations open market operations tltros asset purchase programmes securities lending pandemic emergency purchase programme standing facilities minimum reserves two tier system euro central bank liquidity lines swap lines eurep chronology of eurosystem liquidity lines emergency liquidity assistance ela liquidity analysis collateral eligibility criteria and assessment marketable assets non marketable assets list of eligible marketable assets user guide collateral management eligible ssss eligible links eligible triparty agents risk mitigation ecaf risk control haircut categories valuation loan level requirements contacts structure of the euro area economy economic policy fiscal policies external trade effective exchange rates financial structure financial markets financial intermediaries economic diversity labour market market contact groups bond market bmcg money market mmcg debt issuance market contact group dimcg ecb operations managers group ecb omg foreign exchange fxcg institutional investor dialogue iid monetary analysis contact group macg payments financial stability payments financial stability insights into our work on financial stability and payments and market infrastructures overview of payments and financial stability quick links digital euro payments news events market contact groups target professional use documents and links latest financial stability review 5 june 2025 payments target services shared features t2 facts and figures governance t2s governance facts and figures pricing tips cross border payments governance facts and figures onboarding ecms governance pontes governance target professional use documents links shared features documents links t2 documents links t2s documents links tips documents links ecms documents links pontes documents links tokenisation and dlt appia governance exploratory work retail payments retail payments strategy ecb as a catalyst sepa instant payments market contact groups collateral management harmonisation score implementation faq ami seco cyber resilience financial market infrastructures tiber eu euro cyber resilience board oversight payment systems target2 securities electronic payments securities settlement systems and central counterparties critical service providers correspondent and custodian banks secure pay forum reserve management services key aspects range of services cash professionals cash handling authentication devices recirculation of banknotes common detector interface specifications banknote manufacturer accreditation financial stability introduction to financial stability macroprudential measures financial stability contact groups statistics statistics access to all ecb statistics and background information overview of ecb statistics quick links key figures ecb data portal statistical releases press release ecb launches pilot project for research access to confidential statistical data 13 march 2025 frequently accessed euro exchange rates key ecb interest rates euro short term rate str interest rate benchmarks working group on euro risk free rates inflation euro area yield curves all statistics background all key statistics all data services data reporting standards governance and quality framework co operation and standards banks data reporting dpm alliance iref jbrc bird anacredit anacredit q a public consultations banking industry dialogue on escb statistics and integrated reporting sdmx statistical data exchange model inexda granular data network the euro the euro all you need to know about our common currency overview of the euro quick links cash professionals banknote and coins statistics euro exchange rates redesign process of our future banknotes digital euro what it is digital euro and privacy how it works why we need it innovation platform pilot timeline and progress in depth information governance and stakeholder engagement technical documents and research scheme rulebook frequently asked questions cash the eurosystem cash strategy the role of cash issuance and circulation access to and acceptance of cash frequently asked questions 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markets careers suggestions sort by relevance date effective exchange rates nominal eer the ecb publishes the nominal effective exchange rate eer of the euro based on weighted geometric averages of bilateral euro exchange rates against the currencies of a selection of trading partners this rate indicates whether it is getting more or less expensive on average to exchange foreign currency for euro daily nominal effective exchange rate of the euro real eer the real eer provides a measure of the euro area s international price and cost competitiveness the ecb calculates eers based on the following deflators which measure developments in prices and costs in the euro area and in its main trading partners consumer price indices producer price indices gdp deflators and unit labour cost indices the latter reflecting either the total economy or only the manufacturing sector selected features nominal and real eer indices are currently computed against a narrow group of 12 partner countries eer 12 including australia canada denmark hong kong japan korea norway singapore sweden switzerland the united kingdom and the united states a group of 17 partner countries eer 17 comprising the eer 12 plus china czech republic hungary poland and romania a broad group of 40 partner countries eer 40 encompassing the eer 17 plus algeria argentina brazil chile colombia iceland india indonesia israel malaysia mexico morocco new zealand peru the philippines russia saudi arabia south africa taiwan thailand turkey ukraine and the united arab emirates the eers are constructed using moving trade weights computed on the basis of shares in euro area external trade in manufactured goods and services however manufacturing focused real effective exchange rates deflated by producer prices ppi or unit labour cost in the manufacturing sector ulcm use weights solely based on trade in manufactured goods the weights incorporate information on both exports and imports import weights are the simple shares of each partner country in total imports exports are double weighted in order to account for third market effects i e to capture the competition faced in foreign markets from both domestic producers and exporters from third countries the final overall weights of each partner country are obtained as the weighted average of the export and import weights see also find out more about related content daily nominal effective exchange rate of the euro all pages in this section are you happy with this page yes no what made you unhappy page not working information not useful design not attractive something else thank you for letting us know useful links about us work with us explainers press photos contacts where to find us using our site disclaimer copyright technical updates responsible disclosure corporate policies data protection privacy statement for the website cookies policy accessibility statement language policy site directory copyright 2026 european central bank follow us our website 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