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European Currency Unit
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.
Copyright © 2006, European Central Bank, Frankfurt am Main, Germany. This information may be obtained free of charge through the ECB's website.
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European Central Bank Dictionary INDEX:
List of Terms: Terms beginning with "A", Page 1 |
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1 2 A: Page 1 of 2.
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