European Currency Unit
a.k.a. ECU
A basket of European currencies used as an accounting unit from 1979 to 1998, the forerunner of the euro.
In plain English
A basket of European currencies used as an accounting unit from 1979 to 1998, the forerunner of the euro.
The ECU was a weighted basket of European Community currencies. It was not cash, but it was used for accounts, some bonds and the European Monetary System.
On 1 January 1999 it was replaced one-for-one by the euro.
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