Glossary: European Currency Unit (ECU)

DEFINITION:
Instituted in 1979, the ECU is the unit of account of the EC (q.v.). The value of the ECU is determined by the value of a basket that includes the currencies of all EC member states. In establishing the value of the basket, each members currency receives a share that reflects the relative strength and importance of the members economy. In 1987 one ECU was equivalent to about one United States dollar.

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