European Currency Unit
n.
Euro, unit of currency introduced in 1999 as the composite monetary unit of the members of the European Union, €, ECU
European Currency Unit
The European Currency Unit (₠; ECU) was a basket of the currencies of the
European Community member states, used as the unit of account of the European Community before being replaced by the
euro. The
European Exchange Rate Mechanism attempted to minimize fluctuations between member state currencies and the ECU. The ECU was also used in some international financial transactions.
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European Currency Unit (E.C.U.)
European Currency Unit (ECU)
Prior to Stage Three of EMU, the ECU was a basket currency made up of the sum of fixed amounts of 12 out of the 15 currencies of the EU Member States. The value of the ECU was calculated as a weighted average of the value of its component currencies. The ECU was replaced by the euro on a one-for-one basis on 1 January 1999.
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European Central Bank, Frankfurt am Main, Germany. This information may be obtained free of charge through the
ECB's website.
European Currency Unit
European Currency Unit
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