Managed currencies stayed highly stable
Denmark remained closely aligned with the euro throughout the period, showing the lowest long-term exchange rate volatility.
Exchange rates across Europe
Currency stability, volatility and long-term shifts since 2000
This page tracks annual average exchange rates between the euro and selected European currencies from 2000 to 2025. Values show how many units of national currency equal one euro, making the euro a common benchmark for comparing currency movements across Europe.
The time series shows very different currency regimes. Some currencies remained tightly aligned with the euro, while others experienced substantial depreciation, appreciation or volatility during periods of financial stress, inflation shocks and long-term macroeconomic adjustment.
Explore the data
Key insights
Some currencies weakened substantially
Romania, Iceland and Hungary recorded the strongest long-term depreciation against the euro between 2000 and 2025.
The Swiss franc moved in the opposite direction
Switzerland stands out as the strongest appreciation case, reflecting the franc’s long-term strength against the euro.
Key comparisons
Selected highlights from the annual average exchange rate dataset, 2000–2025.
Extended analysis
1) Exchange rates reflect different monetary regimes
The dataset compares annual average exchange rates of national currencies against the euro. Higher values mean that more local currency units are needed to buy one euro, which indicates a weaker currency relative to the euro.
Denmark stands out as the clearest stability case. Its krone remained close to the euro throughout the full period, with a coefficient of variation of only 0.1% between 2000 and 2025.
2) Long-term depreciation was strongest in Central and Northern Europe’s floating currencies
The largest long-term depreciation in the dataset was recorded in Romania (+153.1%), followed by Iceland (+99.3%), Hungary (+53.0%), Norway (+44.4%) and Sweden (+31.0%).
These changes reflect a combination of flexible exchange rate regimes, inflation differentials, external shocks and long-term macroeconomic adjustment against the euro benchmark.
3) The Swiss franc and Czech koruna appreciated against the euro
Not all currencies weakened over the period. The strongest appreciation was recorded in Switzerland, where the franc appreciated by 39.9% against the euro between 2000 and 2025.
Czech Republic also recorded long-term appreciation, with the koruna strengthening by 30.6%. This makes it one of the clearest convergence-related appreciation cases in the dataset.
4) Volatility highlights exposure to shocks
Currency volatility shows how strongly exchange rates fluctuate over time. Measured by the coefficient of variation, the most volatile currency path was observed in Iceland (24.6%), followed by Romania (18.2%), Switzerland (18.0%), Hungary (16.2%) and Norway (14.2%).
The lowest volatility was recorded in Denmark (0.1%), followed by Poland (6.6%) and Sweden (8.6%).
5) Euro-area countries are excluded by design
The visualization focuses on EU and EFTA countries that use a national currency distinct from the euro. Countries that have adopted the euro are excluded because their exchange rate against EUR is permanently fixed at 1.
Liechtenstein is also not shown separately because it uses the Swiss franc under a monetary union with Switzerland. Its exchange rate therefore follows the Swiss franc rather than an independent currency path.
How to read this indicator
Exchange rates are shown as national currency units per one euro. A rising value indicates depreciation against the euro, while a falling value indicates appreciation. Annual averages smooth short-term daily movements and are useful for comparing long-term currency paths, but they do not capture intrayear market volatility.