European Currency Unit
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Description
The European Currency Unit (French: Unité de compte européenne , Spanish: Unidad Monetaria Europea , German: Europäische Währungseinheit ; ⟨ ₠ ⟩, ECU , or XEU ) was a unit of account used by the European Economic Community and composed of a basket of member country currencies. The ECU came in to operation on 13 March 1979 and was assigned the ISO 4217 code. The ECU replaced the European Unit of Account (EUA) at parity in 1979, and it was later replaced by the euro (EUR) at parity on 1 January 1999.
As a unit of account, the ECU was not a circulating currency and did not replace or override the value of the currency of EEC member countries. However, it was used to price some international financial transactions and capital transfers.
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- Slug: european-currency-unit
- Added: Jul 20, 2024