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European Currency Unit
| ISO 4217 | |
|---|---|
| Code | XEU |
| Unit | |
| Symbol | ₠ |
| Nickname | ECU |
| Demographics | |
| Date of introduction | 13 April 1979 |
| Replaced | European Unit of Account |
| Date of withdrawal | 31 December 1998 |
| Replaced by | Euro |
| User(s) |
|
| Valuation | |
| Pegged with |
|
| This infobox shows the latest status before this currency was rendered obsolete. | |
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.[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]
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]
- ^ a b "European Currency Unit (ECU)". UBC Sauder School of Business. Retrieved 25 April 2020.
- ^ Scott, David L. (September 2003). Wall Street Words: An Essential A to Z Guide for Today's Investor (3rd ed.). New York: Houghton Mifflin. p. 130. ISBN 9780395886076.
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