European Currency Unit

ECUECUscurrencies that tracked itEuropean single currencynew European currencySynthetic Euro XEU
The European Currency Unit (₠ or 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 on 1 January 1999, at parity.wikipedia
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Euro

EUReuros
The European Currency Unit (₠ or 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 on 1 January 1999, at parity.
The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$1.1743).

ISO 4217

codecurrency codeISO 4217 currency code
It had the ISO 4217 currency code XEU.
The codes for most supranational currencies, such as the East Caribbean dollar, the CFP franc, the CFA franc BEAC and the CFA franc BCEAO. The predecessor to the euro, the European Currency Unit (ECU), had the code XEU.

European Exchange Rate Mechanism

ERM IIExchange Rate MechanismERM
The European Exchange Rate Mechanism attempted to minimize fluctuations between member state currencies and the ECU.
Before the introduction of the euro, exchange rates were based on the European Currency Unit (ECU), the European unit of account, whose value was determined as a weighted average of the participating currencies.

European Unit of Account

units of account
The ECU itself replaced the European Unit of Account, also at parity, on 13 March 1979.
The European Unit of Account (EUA) was a unit of account used in the European Communities from 1975 to 1979, when it was replaced at parity by the European Currency Unit, in turn replaced at parity in 1999 by the euro.

Euro sign

currency symboleuro currency symbol
On 1 January 1999, the euro (with the code EUR and symbol €) replaced the ECU, at the value €1 = 1 ECU.
The euro currency sign was designed to be similar in structure to the old sign for the European Currency Unit (Encoded as ).

Unit of account

money of accountunits of accountaccounting currency
The European Currency Unit (₠ or 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 on 1 January 1999, at parity.
A modern unit of account is the European Currency Unit, used in the European Union from 1979 to 1998; its replacement in 1999, the Euro, was also just a unit of account until the introduction of notes and coins in 2002.

Eurozone

euro areaeuro zoneeurozone Member States
Unlike the ECU, the euro is a real currency, although not all member states participate (for details on euro membership see Eurozone).
The chart below provides a full summary of all applying exchange-rate regimes for EU members, since the European Monetary System with its Exchange Rate Mechanism and the related new common currency ECU was born on 13 March 1979.

European Union

EUEuropeanEurope
This was unlikely to be a problem, since it is a generally accepted principle of private international law that states determine their currencies, and that therefore states would accept the European Union legislation to that effect.
The creation of a European single currency became an official objective of the European Economic Community in 1969.

Écu

écusecuscrowns
Although the acronym ECU is formed from English words, écu is also the name of an ancient French coin.
The fact that the coin's name was the same as ECU, the abbreviation of the European Currency Unit, may have assisted the ECU's adoption by France despite its being an acronym of English words.

Asian Monetary Unit

proposed
Asian Monetary Unit
It is similar to the European Currency Unit (ECU), predecessor to the euro.

World currency unit

World currency unit
Conceived as an apolitical and global alternative to the ECU, it is used as a reference currency for global investors and companies seeking to mitigate bilateral exchange rate volatility.

Irish pound

IR££IEP
31 December 1998, the exchange rates between the European Currency Unit and the Irish pound and 10 other EMS currencies (all but the pound sterling, the Swedish krona and the Danish krone) were fixed.

European Economic Community

EECECEuropean Community
The European Currency Unit (₠ or 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 on 1 January 1999, at parity. The currency's symbol, ₠ (U+20A0), comprises an interlaced C and E, which are the initial letters of the phrase 'European Community' in many European languages.

Denmark

Danish🇩🇰Constituent country
Two of the countries in the ECU basket of currencies, UK and Denmark, did not join the eurozone, and a third, Greece, joined late.

Greece

Greek🇬🇷Greeks
Two of the countries in the ECU basket of currencies, UK and Denmark, did not join the eurozone, and a third, Greece, joined late.

Finland

🇫🇮FinnishFIN
On the other hand, Finland and Austria joined the eurozone from the beginning although their currencies were not part of the ECU basket (since they had joined the EU in 1995, two years after the ECU composition was "frozen")

Austria

🇦🇹AUTAustrian
On the other hand, Finland and Austria joined the eurozone from the beginning although their currencies were not part of the ECU basket (since they had joined the EU in 1995, two years after the ECU composition was "frozen")

Conflict of laws

private international lawconflict of lawconflicts of laws
This was unlikely to be a problem, since it is a generally accepted principle of private international law that states determine their currencies, and that therefore states would accept the European Union legislation to that effect.

U.S. state

Statestatesstatehood
Of particular importance, the U.S. states of Illinois and New York adopted legislation to ensure a large proportion of international financial contracts recognized the euro as the successor of the ECU.

Illinois

ILState of IllinoisIll.
Of particular importance, the U.S. states of Illinois and New York adopted legislation to ensure a large proportion of international financial contracts recognized the euro as the successor of the ECU.

New York (state)

New YorkNYNew York State
Of particular importance, the U.S. states of Illinois and New York adopted legislation to ensure a large proportion of international financial contracts recognized the euro as the successor of the ECU.

Unicode

Unicode StandardUU+
The currency's symbol, ₠ (U+20A0), comprises an interlaced C and E, which are the initial letters of the phrase 'European Community' in many European languages.

Languages of Europe

European languagesLatin EuropeLatin identity
The currency's symbol, ₠ (U+20A0), comprises an interlaced C and E, which are the initial letters of the phrase 'European Community' in many European languages.

Coin

coinsspecieexergue
As the ECU was only an electronic unit of account and not a full currency, it did not have any official coins or notes that could be used for everyday transactions.

Banknote

paper moneybanknotespaper currency
As the ECU was only an electronic unit of account and not a full currency, it did not have any official coins or notes that could be used for everyday transactions.