Exchange rate
Q: When do a cost need to be converted into EUR?
A: If a EURO-MS partner incurs expenditure in another currency, but the amount is defrayed from its bank account in Euro: no conversion is necessary, the amount on the bank statement is to be declared.
Alternative:
If a non-EURO-MS (or third country) partner incurs expenditure in Euro, but the amount is defrayed from its bank account in the local currency: the amount on the bank statement in the local currency needs to be converted. The conversion should then follow the procedure for conversion as outlined in the Fact Sheet.