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Topic: European Currency Unit

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In the News (Fri 24 May 19)

  European Currency Unit
The European Currency Unit (ECU) was a basket of the currencies of the European Community member states, used as the unit of account of the European Community.
Due to the ECU being used in some international financial transactions, there was a concern that foreign courts might not recognize the Euro as the legal successor to the ECU.
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.
www.ebroadcast.com.au /lookup/encyclopedia/ec/ECU.html   (257 words)

 European Currency Unit (ECU)
The ECU was conceived on 13th March 1979 by the European Economic Community (EEC), the predecessor of the European Union, as a unit of account for the currency area called the European Monetary System (EMS).
The ECU was also the precursor of the new single European currency, the euro, which was introduced on January 1, 1999.
The ISO-4217 symbol for the ECU was "XEU".
fx.sauder.ubc.ca /ECU.html   (622 words)

 European Monetary System. The Columbia Encyclopedia, Sixth Edition. 2001-05
In the early 1990s the European Monetary System was strained by the differing economic policies and conditions of its members, especially the newly reunified Germany, and Britain permanently withdrew from the system.
The European Currency Unit (ECU), which was established in 1979, was the forerunner of the euro.
Derived from a basket of varying amounts of the currencies of the EU nations, the ECU was a unit of accounting used to determine exchange rates among the national currencies.
www.bartleby.com /65/eu/EuropnMS.html   (591 words)

 European Currency Unit - Wikipedia, the free encyclopedia
The ECU was conceived on 13 March 1979 as an internal accounting unit.
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").
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.
en.wikipedia.org /wiki/European_Currency_Unit   (498 words)

 Economic and Financial Affairs - The Euro: Our Currency - Glossary
The ECU was the official accounting unit of the European Union until the end of 1998, and was notably used for the establishment of the EU budget, as the numeraire of the ERM and as a reserve asset for central banks.
With the introduction of the euro on 1 January 1999, the ECU ceased to exist, while the initial value of the euro (for example against other currencies, such as the dollar) was defined as being equal to the value of the ECU on 31 December 1998.
The euro was legally a scriptural currency in the 11 Member States of the euro area during the period from its launch on 1 January 1999 until the introduction of notes and coins on 1 January 2002.
ec.europa.eu /economy_finance/euro/glossary/glossary_en.htm   (3444 words)

 European Currency Unit - Search Results - MSN Encarta
European Currency Unit (ECU), former common unit of exchange of the European Union (EU), created in 1979 as part of the European Monetary System...
In March 1979 the European Monetary System (EMS) was established as a first step towards achieving economic and monetary union (EMU) and, ultimately,...
The monetary unit of Monaco was formerly the French franc of 100 centimes but in line with other European countries, Monaco adopted the Euro on...
uk.encarta.msn.com /European_Currency_Unit.html   (113 words)

 European Currency Unit   (Site not responding. Last check: 2007-10-13)
The European Exchange Rate Mechanism attempted to minimize fluctuations between member currencies and the ECU.
Unlike the ECU euro is a real currency although not all member states participate member states participate 13 do not: Cyprus Czech Republic Denmark Estonia Hungary Latvia Lithuania Malta Poland Slovakia Slovenia Sweden and United Kingdom).
Due to the ECU being used in international financial transactions there was a concern foreign courts might not recognize the euro the legal successor to the ECU.
www.freeglossary.com /European_Currency_Unit   (320 words)

 ECU (European Currency Unit) | BNP Paribas Bank   (Site not responding. Last check: 2007-10-13)
A unit of account created in 1979 and the currency on which the EMS is centred.
It is a basket of Member State currencies, the main components of which were originally 27% deutschemark, 18% French franc and 13% pound sterling (the proportion of each currency in the ECU was subject to automatic review every five years).
Up to end-1998 the ECU was the unit of account of the European institutions and of some large corporations.
www.bnpparibas.com /en/history/glossaire.asp?id=ecu   (126 words)

 ipedia.com: European Currency Unit Article   (Site not responding. Last check: 2007-10-13)
Currency Weight BEF 8.183% DEM 31.955% DKK 2.653% ESP 4.138% FRF 20.316% GBP 12.452% GRD 0.437% IEP 1.086% ITL 7.840% LUF 0.322% NLG 9.98% PTE 0.695% The European Currency Unit was a basket of the cur...
The European Exchange Rate Mechanism attempted to minimize fluctuations between member state currencies and the ECU.
Unlike the ECU, the euro is a real currency, although not all member states participate (12 member states participate, 13 do not: Cyprus, Czech Republic, Denmark, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, Slovenia, Sweden and United Kingdom).
www.ipedia.com /european_currency_unit.html   (335 words)

 European Union - Topics and Issues: EMU - Introduction
The ECU is not a currency in itself, however, but a "basket" of the currencies of 12 of t he presently 15 EU states which contains, for instance, 62 German Pfennigs, 1.33 French Francs and 152 Italian Lira.
At the EU summit in Madrid in December 1995, it was resolved that the new European currency be called the "Euro".
The official ECU is the weighted average of the currencies included in the ECU basket whereas the value of t he private ECU is determined by market supply and demand like any other commercially used currency.
www.indiana.edu /~unionet/topics2-1.htm   (1125 words)

 OECD Glossary of Statistical Terms - European Currency Unit (ECU)
European Currency Unit (ECU) was a basket currency made up of the sum of fixed amounts of 12 of the 15 currencies of the European Union 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.
stats.oecd.org /glossary/detail.asp?ID=865   (97 words)

 A Guide to the Euro Terminology   (Site not responding. Last check: 2007-10-13)
ECU - The European Currency Unit is a nominal unit valued from a weighted ‘basket' of European currencies.
The euro replaced the ECU on a one-for-one basis on January 1, 1999, even though the countries whose currencies are used to calculate the ECU are not the same as the set of countries that adopted the euro.
The currency of the countries which convert to the euro in Stage 3.
www.mac.doc.gov /euro/euroterminology.htm   (681 words)

 Global currency unit: a balanced approach...
It is a currency that would be a conglomerate or hybrid of the different currencies relevant to the ME. In this respect it bears resemblance to the European Currency Unit (ECU).
The composition of one ECU as it was established in 1974 is shown in Table 2.
The currencies relevant to the ME´s operations may be determined on the basis of the ME´s sales in each currency, market share in each currency region, actual commitment in form of assets in each country (currency), actual costs incurred in each currency, or a combination of these.
www.shh.fi /depts/redovis/research/ptgcu94/ptgcu6.htm   (1922 words)

 Stuffo "How the Euro Works"   (Site not responding. Last check: 2007-10-13)
The ERM links currencies of non-participating countries to the euro as of January 1, 1999, as they stood on the first day of stage three of the changeover.
This refers to the basket currency that was made up of the weighted value of each of the 12 member states' national currencies as of the signing of the Maastricht Treaty in February 1992.
The ECB used guidelines established in a Joint Communique that was issued on May 2, 1998, by the ministers of the member states who were adopting the euro.
www.stuffo.com /euro8.htm   (280 words)

 What is the European Monetary Union?
The European states decided that the EMU and a single European market were essential to the implementation of the European Union, which was created to advance economic and social unity among the peoples of Europe and to propel Europe to greater prominence in the international community.
The permissible limits of the ERM were derived from the European Currency Unit, or ECU, a referential currency calculated from an average of the participating countries' national currencies.
Others worry that the participating European states will be forced to give tax breaks to compete with each other and that companies may have to lower wages for their employees and to lower prices on goods that they produce.
www.uiowa.edu /ifdebook/faq/faq_docs/EMU.shtml   (1252 words)

 Belgium offers gold, silver bullion ECU coins in US - European Currency Units American Metal Market - Find Articles
He explained that the name of the coin, the ECU, is an abbreviation of the currency unit.
While no money has been issued previously using the currency units, the measure is used by members of the European Economic Community to determine and adjust the relative values of their currencies, Eyskens said.
ECUs, as well as gold coins minted by other nations, were not viewed by a U.S. Mint official as being competition to the U.S. Eagle gold bullion coins.
findarticles.com /p/articles/mi_m3MKT/is_v95/ai_5243206   (620 words)

 Deutsche Bank | European Currency Unit (ECU)   (Site not responding. Last check: 2007-10-13)
The ECU was created in 1979, with the establishment of the European currency system, as the official unit of account for the European Union.
It was also referred to as a basket of currencies, which was regularly adjusted and redefined as the EC expanded.
With the introduction of the Euro on January 1st 1999, the ECU was abolished.
www.db.com /lexikon/2255.html   (90 words)

 Export Glossary-E
An international unit of account created for the European Monetary System (EMS), to be used as the denominator of EMS debts and credits and as a reserve credit in the European Monetary Cooperation Fund.
That monetary unit was created in 1979 by nine European nations to promote currency stability in the European Union.
The price of one currency in terms of another, that is, the number of units of one currency that may be exchanged for one unit of another currency.
www.etfinancial.com /e_export_glossary.htm   (1014 words)

 Bible Study - The Euro
Its new monetary unit, the Euro, is to replace most of the familiar long-established national currencies of the continent - francs, marks, pounds, and so on.
The new currency will not only be a vital means for the political (and therefore, military) joining of many European countries - it will quickly become one of two major currencies of the world economy.
The present European Currency Unit (ECU) will be replaced by the Euro at the rate of one ECU for one Euro.
www.keyway.ca /htm2002/euro.htm   (506 words)

 European Union sets currency plan   (Site not responding. Last check: 2007-10-13)
Chirac grudgingly accepted the "euro." He preferred "ecu" -- short for European currency unit and also the name of an old French coin -- and suggested a referendum on the name, but German Chancellor Helmut Kohl and other leaders rejected that.
Opposition to a European currency remains high among Germans, according to a public opinion poll released Friday.
Under the transition blueprint, European nations must meet strict financial requirements on debts, deficits, inflation and interest rates to be able to join the currency in 1997.
www.chron.com /content/chronicle/business/95/12/16/summit.html   (496 words)

 XE.com - Information on the Euro Currency
The ECU was a theoretical "basket" of currencies rather than a currency in and of itself, and no "ECU" bank notes or coins ever existed.
A note about spelling and capitalization: the official spelling of the EUR currency unit in the English language is "euro", with a lower case "e".
Since other currency names are capitalized in general use, doing so helps differentiate the noun "Euro", meaning EUR currency, from the more general adjective "euro", meaning anything even remotely having to do with Europe.
www.xe.com /euro.htm   (620 words)

 Madrid European Council Conclusions - I
The name of the new currency is an important element in the preparation of the transition to the single currency, since it partly determines the public acceptability of Economic and Monetary Union.
The European Council considers that the name of the single currency must be the same in all the official languages of the European Union, taking into account the existence of different alphabets; it must be simple and symbolize Europe.
As a decisive step in the clarification of the process of introduction of the single currency, the European Council adopts the changeover scenario attached in Annex 1 which is based on the scenario elaborated at its request by the Council, in consultation with the Commission and the European Monetary Institute.
www.hri.org /docs/madrid95/madr-c1.html   (2435 words)

 Britain and European Monetary Union
Whereas France had a single national currency for a brief period during the reigns of Pepin and Charlemagne, England has enjoyed a relatively stable single national currency with an unbroken history of over 900 years, and the origins of the pound Sterling go back even further still.
Germany reformed her currency in 1948 (on which her subsequent success was based) after having suffered two hyperinflations in a generation.
Other currencies, including the pound sterling, fixed their values against the US dollar which had a value fixed in terms of gold.
www.ex.ac.uk /~RDavies/arian/emu.html   (1287 words)

 SN 2817 -Euro-Barometer 23: The European Currency Unit and Working Conditions, April 1985
In 1974, the Commission of the European Community launched the Eurobarometer series, designed to provide a regular monitoring of the social and political attitudes of the publics of the nine member nations: France, Germany, United Kingdom, Italy, Netherlands, Belgium, Denmark, Ireland and Luxembourg.
Attitudes towards the expansion of the European Economic Community were also probed, as well as opinions on the most necessary members in the event of European political unification.
Respondents were also questioned extensively on the European Currency unit, current and preferred working conditions, recent travel, and dealings with financial institutions.
www.data-archive.ac.uk /findingData/snDescription.asp?sn=2817   (836 words)

 European Currency Unit   (Site not responding. Last check: 2007-10-13)
The European Currency Unit ('''₠'''; 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.
Although the acronym ECU is formed from English words, at the same time the word ecu was a reference to an ancient French coin of the same name.
That was partly the reason that a new name was devised for its successor currency, euro, which was felt to not favour any single language.
european-currency-unit.kiwiki.homeip.net   (508 words)

 European Currency Unit and Stock Trading at TradeStars + Stock Trading   (Site not responding. Last check: 2007-10-13)
European Currency Unit and stock trading - the top source for European Currency Unit in the quickest time possible with a zero price tag.
European Currency Unit is available on a restricted basis.
The European Currency Unit relationship, of course is not as simple as this, but nevertheless, there are good arguments for saying that over time, markets tend to rise.
www.tradestars.com /content/European-Currency-Unit.asp   (224 words)

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