Definitions for "European Currency Unit"
Keywords:  ecu, basket, maastricht, erm, currency
ECU. A composite monetary unit consisting of a basket of European Community...
composite currency that is a basket of most of the currencies of countries in the European Union. Conceived in 1979, it has been used as a unit of account of the European Monetary System.
A composite European currency comprised of a basket of European currencies. Its regulatory significance relates to the initial capital test for Investment Services Directive Firms and to the need for the identification for money laundering purposes of executing transactions of 15,000 ECU or more.
Keywords:  predecessor
The predecessor of the Euro.