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ECU |
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ECU
European Currency Unit Prior to the adoption of the euro, the ECU was set up as currency basket to provide a methodology for reconciling differing exchange rates between currencies who wished to participate in the single European currency. Established in the 1979, it was known as a "semi-pegged" system in which currencies were variable with respect to each other only within a certain range. After the introduction of the euro in 1999, the exchange rate mechanism was replaced by ERM II, which reconciles exchange rates for countries wishing to join the eurozone. See also: Exchange rate mechanism. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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