European Currency Unit

World English Dictionary
European Currency Unit
 
n
See ECU

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
Cite This Source
Encyclopedia Britannica
Encyclopedia

european currency unit

a notional unit of exchange, conceived in 1979, based on a "basket," or weighted combination, of the currencies of nations that belonged to the European Community. The principal currencies involved were the German mark, the French franc, the British pound sterling, and the Italian lira. The ecu was created by the European Community with the aim of eventually making it the single currency of a unified western European economy. It was increasingly used in commercial banking transactions because its relative stability rendered it more suitable than a national currency for fixing contractual terms. It was especially important in the international bond market, where it had become the second most widely used currency (after the U.S. dollar) by the early 1990s. In 1999 the ecu was replaced by the euro

Learn more about European Currency Unit with a free trial on Britannica.com.

Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
Cite This Source
Copyright © 2014 Dictionary.com, LLC. All rights reserved.
  • Please Login or Sign Up to use the Recent Searches feature
FAVORITES
RECENT

;