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When converting from a local currency into EUR, should the current exchange rate be used or the exchange rate applicable at the end of each respective financial year?

For the purpose of preparing an application, the exchange rate used should be the most recent one published on the InforEuro website at the time of proposal submission. The InforEuro site can be accessed at the following address: http://ec.europa.eu/budget/inforeuro/index.cfm?Language=en
As stipulated in Article 15.8 of the General Conditions, your final financial report should consider the average InforEuro rate of exchange of the months during which the action is implemented.

 
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