European Currency Unit

E82760

European unit of account basket-based monetary unit predecessor of the euro

The European Currency Unit (ECU) was a basket-based monetary unit used by the European Community as a precursor and accounting unit for the euro.

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Observed surface forms (4)

Surface form	Occurrences
European Currency Unit (at introduction)	1
European Currency Unit as reference unit	1
European Unit of Account	1
UA (Unit of Account)	1

Statements (45)

Predicate	Object
instanceOf	European unit of account ⓘ basket-based monetary unit ⓘ predecessor of the euro ⓘ
abolished	1999 ⓘ
basedOn	basket of European Community member state currencies ⓘ
category	European monetary integration instrument ⓘ currency basket ⓘ
componentCurrenciesUpdated	periodically to reflect EC membership changes ⓘ
conversionMethodToEuro	1 ECU = 1 euro at transition ⓘ
country	European Economic Community ⓘ surface form: European Community
denominationType	accounting unit only ⓘ
describedAs	composite currency unit ⓘ precursor to the euro ⓘ
exchangeRateDetermination	weighted average of component currencies ⓘ
followedBy	euro as single currency ⓘ
inception	1979 ⓘ
introducedBy	Council of the European Union ⓘ surface form: Council of the European Communities
ISO4217Code	XEU ⓘ
legalSuccessorCurrency	Euro ⓘ surface form: euro
monetaryPolicyRole	anchor for Exchange Rate Mechanism (ERM) ⓘ
nature	non-physical currency unit ⓘ
partOf	European Monetary System ⓘ
physicalForm	no official banknotes or coins issued ⓘ
predecessor	European Currency Unit self-linksurface differs ⓘ surface form: European Unit of Account
region	Western Europe ⓘ
regulator	Committee of Governors of the Central Banks of the Member States of the EEC ⓘ surface form: Committee of Governors of the Central Banks of the Member States Council of the European Union ⓘ surface form: Council of Ministers of the European Community
relatedConcept	European Monetary System ⓘ Exchange Rate Mechanism ⓘ Euro ⓘ surface form: euro
replacedBy	Euro ⓘ surface form: euro
scope	international capital markets ⓘ intra-European Community transactions ⓘ
successorSystem	European Union economic and monetary union ⓘ surface form: Economic and Monetary Union of the European Union
symbol	ECU ⓘ
usedAs	denominator for financial instruments ⓘ reference for exchange rate mechanism ⓘ unit of account ⓘ
usedBy	European Union ⓘ surface form: European Community Member States of the European Union ⓘ surface form: European Union member states
usedFor	EC budget accounting ⓘ denomination of bonds ⓘ denomination of international financial contracts ⓘ denomination of loans ⓘ
usedUntil	introduction of the euro in 1999 ⓘ

Referenced by (7)

Full triples — surface form annotated when it differs from this entity's canonical label.

European Monetary System → currency → European Currency Unit ⓘ

African Development Bank → currencyOfOperations → European Currency Unit ⓘ

this entity surface form: UA (Unit of Account)

European Monetary System → hasPart → European Currency Unit ⓘ

DEM → peggedTo → European Currency Unit ⓘ

Euro → peggedTo → European Currency Unit ⓘ

this entity surface form: European Currency Unit (at introduction)

European Currency Unit → predecessor → European Currency Unit self-linksurface differs ⓘ

this entity surface form: European Unit of Account

Exchange Rate Mechanism → uses → European Currency Unit ⓘ

this entity surface form: European Currency Unit as reference unit