European Currency Unit

European Currency Unit

Collins dictionary of law. . 2001.


European Currency Unit
(ECU)
The first quasi-currency for Europe. Together with the Exchange Rate Mechanism, the ECU formed the European Monetary System which was established in 1979. The ECU was originally an accounting unit for the European Community's internal budget and was then used as a denomination for travellers' cheques and bank deposits. The ECU was never issued as a note or coin, but it formed the basis for the development of the Euro, the European Union's single currency.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • European Currency Unit — see ↑ECU (n). • • • Main Entry: ↑European …   Useful english dictionary

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  • European Currency Unit — ECU A former currency medium and unit of account created in 1979 to act as the reserve asset and accounting unit of the European Monetary System (EMS). The value of the ECU was calculated as a weighted average of a basket of specified amounts of… …   Big dictionary of business and management

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