European Currency Unit

The European Currency Unit (French: Unité de compte européenne, 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.[1] 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.[1]

European Currency Unit
ISO 4217
Date of introduction13 April 1979
ReplacedEuropean Unit of Account
Date of withdrawal31 December 1998
Replaced byEuro
Pegged with
  • 8 currencies (1979–1989)
  • 12 currencies (1989–1998)
This infobox shows the latest status before this currency was rendered obsolete.

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.[2]

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