European Currency unit
the European Currency unit, shortened ECU, was from 1979 to 1998 the money of account of the European union (European Union) and forerunner of the euro. The ISO 4217 - code for the ECU was: XEU. The designation ECU was not only an abbreviation, butalso a support at the Écu, an old French coin. To 1.1.1999 in the conversion ratio 1:1 by the EURO one replaced to the ECU.
The value of the ECU was fixed to that by a currency basket in such a way specified, by accurately specified quantities of the national currencies thatMember states of the European Union was defined. The weight of the individual currencies in this basket was by the portion of the respective state to EEC - domestic trade determined and was examined every five years and adapted if necessary.
The rate of exchange of a currency opposite that ECU resulted from its rate of exchangein relation to all currencies in the currency basket multiplies by the currency quantity (that in each case different currency) in the basket.
The weightings in the overview:
Transfers in ECU could not be completed over each clearing bank.