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
CodeXEU
Number954
Exponent0
Unit
Symbol
NicknameECU
Demographics
Date of introduction13 April 1979
ReplacedEuropean Unit of Account
Date of withdrawal31 December 1998
Replaced byEuro
User(s)
Valuation
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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