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.
Instituted in 1979, the ECU is the unit of account of the EU ( q.v.). The value of the ECU is determined by the value of a basket that includes the currencies of all EU member states. In establishing the value of the basket, each member's currency receives a share that reflects the relative strength and importance of the member's economy. In 1995 one ECU was equivalent to about one United States dollar.
The ECU is a composite currency, based on a basket, with each nation's currency weighted according to each country's share in intra-European Community trade, its percentage share of EC gross national product and the relative importance of each country's foreign exchange reserves. It is calculated daily and is the basis for European Rate Mechanism parities. It is being increasingly used in its own right for trading purposes and to denominate bond issues.
ECU. Currency unit of the European Community, called the “Euro.
The single EU currency proposed under the Maastricht Treaty.
Established in 1979 as a composite of the monetary systems of European Community (EC-- q.v.) member nations, the ECU functions in the European Monetary System (EMS-- q.v.) and serves as the unit for exchange-rate establishment, credit and intervention operations, and settlements between monetary authorities of member nations.
composite monetary unit consisting of a basket of European Community currencies. see also unit.
A weighted index of 10 currencies of Common Market (EEC) countries. Foreign securities may be denominated in ECUs.
A trade-weighted basket of currencies in the European Exchange Rate Mechanism (ERM) of the European Union.
An index of foreign exchange consisting of European currencies, originally devised in 1979. See also: Euro.
Introduced in 1979 as a central element of the European Monetary System to support the Exchange Rate Mechanism (ERM). Based upon a weighted basket of currencies and supported by the European Monetary Cooperation Fund (EMCF).
Created in 1979, the ECU is the weighted average of the currencies of the twelve States which were members of the European Community at that time. Also known as the European Currency Basket, the ECU is currently used in commercial and financial transactions as is the US dollar or the yen, even though there are no ECU bank notes. The euro replaced the ECU at a one-to- one conversion rate on 1 January 1999.
A basket of the member currencies. As a composite unit, the ECU consists of all the European Community currencies, which are individually weighted. It was created by the European Monetary System with the eventual goal of replacing the individual European member currencies.
An index of foreign exchange consisting of about 10 European currencies, originally devised in 1979.
Based on a basket of weighted currencies of EU members.
The currency unit in the EMS, where the unit is defined by the sum of quantities of each of the national currencies of the members of the EMS, so the value of the ECU changes in terms of third currencies, such as e.g. the US dollar
The ECU was created in 1979. It is a basket portfolio composed of 12 EU currencies based on the Member State's economic performance. On 1 November 1993 it was decided to freeze the same basket, not taking into account further new currencies coming from new adhesions. The euro has replaced the ECU (official and private) on 1 January 1999.
The single EC currency proposed under the Maastricht Treaty. Now known as the euro.
A monetary unit created in 1979 by nine European nations to promote currency stability in the European Union. The European Currency Unit consists of weighted amounts of the national currencies of members of the European Monetary System. The value of the European Currency Unit in relation to other currencies is published daily in newspapers. Also called the ECU.
A currency consisting of fixed amounts of currencies of members of certain European countries based upon the exchange rate mechanism.
The official unit of account of the European Monetary System. It is a combination or basket of the currencies from the twelve European Community countries
The European Currency Unit (â‚ ; ECU) was a basket of the currencies of the European Community member states, used as the unit of account of the European Community before being replaced by the euro. The European Exchange Rate Mechanism attempted to minimize fluctuations between member state currencies and the ECU. The ECU was also used in some international financial transactions.