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EDITIONS
Euro-glossary Monday, 30 April, 2001, 11:11 GMT 12:11 UK
Ecu (European Currency Unit)
The Ecu was the first quasi-currency for Europe.

Together with the Exchange Rate Mechanism (ERM) it formed the European Monetary System which was established in 1979.

It was originally an accounting unit for the community's internal budget.

But later it became more like a real currency - for example it was used in travellers' cheques and bank deposits, though it was never issued as a note or coin.

As economic and monetary union developed, it formed the basis for the development of the Euro, the EU's single currency.

See also:

13 Mar 01 | Euro-glossary
13 Mar 01 | Euro-glossary
07 Dec 00 | Nice summit glossary
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