9 Euro foreign exchange reference rate of US dollar
Since the introduction of the euro on 1 January 1999, there has been no autonomous foreign exchange market for the currencies replaced by the euro; the euro alone is quoted against the US dollar and other non-euro-area currencies. The euro foreign exchange reference rates for the key international currencies are established on the basis of the daily concertation procedure between European central banks, which takes place at 14.15. During this concertation procedure, only one reference exchange rate (ie the mid-rate) is determined, and indirect quotation is used (ie €1 = x foreign currency units). The ECB is responsible for publishing the euro foreign exchange reference rates.