Hard Ecu

Hard Ecu

A pan-European currency proposed in 1990 by John Major, then Chancellor of the Exchequer in the United Kingdom. The hard ecu would have been managed by a fund, rather than a central bank. It was proposed as an alternative to what became the euro in 1999.
References in periodicals archive ?
Because the hard ECU would be a parallel currency, this plan is strongly opposed by those who argue that it would further complicate the already difficult task of coordinating various monetary policies and would involve an additional source of money creation that could undermine price stability.