The European Currency unit, shortened ECU, was from 1979 to 1998 the money of account of the European union (European Union) and forerunner of the euro. The ISO 4217-Code for the ECU was: XEU. The designation ECU was not only an abbreviation, but also a support at the an old French coin. To 1.1.1999 in the conversion ratio 1:1 by the EURO one replaced to the ECU.
The value of the ECU was fixed by a currency basket in such a way specified, which was defined by accurately specified quantities of the national currencies of the member states of the European Union. The weight of the individual currencies in this basket was certain and every five years was examined and adapted if necessary by the portion of the respective state of the EEC domestic trade.
The rate of exchange of a currency opposite that ECU resulted from its rate of exchange in relation to all currencies in the currency basket multiplied by the currency quantity (that in each case different currency) in the basket.
The weightings in the overview:
Transfers in ECU could not be completed over each clearing bank.
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