ECU (European Currency Unit; so also often in German; besides European Currency Unit, EWE)

The – sometimes also male gender, so then the – ECU was defined since 1979 as a currency basket, which consisted of fixed shares of twelve of the fifteen currencies of the member states of the European Union. – In 1981, the ECU replaced the European Unit of Account, with which it was identical in terms of its definition and value at the time of the transition. The value of the ECU was calculated as a weighted average of the values of its basket currencies. As a result, both the value of the ECU and the conversion rates against the national currencies were constantly changing. The respective daily values (current market prices) for the ECU were officially calculated and announced with six valid digits on the basis of the dollar rates of the basket currencies. – On January 1, 1999, the ECU was replaced by the EUR on a one-to-one basis. Where bonds were issued in ECU, these were also converted into EUR. – See settlement money, currency basket. – See the quarterly “Devisenkursstatistik” (exchange rate statistics) of the Deutsche Bundesbank; see also the “Erläuterungen” (explanatory notes) at the end.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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