The foreign exchange reference rates of the Euro are based on the procedure established by the European System of Central Banks (ESCB). They are based on a daily concertation procedure between the leading central banks, which takes place at 14:15 (CET). The published exchange rates, which are the average of the sale and purchase rates, reflect the market conditions prevailing at the time of the concertation. Bank of Italy is not liable for any inaccuracy or error caused by mistake.