The German mark emerged as the preferred European currency following the collapse of the European currency unit
sector of the bond market and the liberalization of Bundesbank rules regarding bond issuance.
TABLE 2 EU GDP, Debt, and Percentage of GDP 1992 1993 1994 1995 1996 1997 GDP(*) 5861.3 5876.0 6168.5 6413.4 6727.7 7007.7 Debt(*) 3510.8 3794.2 4138.9 4483.1 4843.0 5056.6 Debt/GDP % 59.9 64.6 67.1 69.9 72.0 72.2 Deficit/GDP % 5.2 6.3 5.5 7.2 4.7 3.5 Note: * denotes European currency units
(ECUs) in billions.
Indeed, in 1992 the European Commission estimated that the aggregate cost of converting EU currencies approached 20 million European Currency Units
(about 0.5 of one per cent of Union GDP) per year (CEC, 1992).
Loans denominated in European currency units
The total value of fish imported by Europeans through the first three quarters of 1990 was 12.25 billion in European Currency Units
, which were convertible to a dollar value between $1.21 and $1.38 for the period.
The directive provides for damages for death or personal injury, but allows member states to place a ceiling of not less than 70 million ECUs (European Currency Units
) on these damages.
According to the Council of European Communities' 90/604/EEC(8) directive, dated November 8, 1990 (modifying the previous fourth (90/604/EEC(4)) and seventh (90/604/EEC(7)) directives), the annual accounts' layout may be in both the local currency and in European currency units
In absolute spending terms, France is the leader at 685 million ECUs (European Currency Units
), followed by Britain at 572 million, Germany at 421 million, Italy at 363 million, Denmark at 69 million, the Netherlands at 39 million and Ireland at 36 million.
The second great American myth is that somehow, after 1992, all will be different - that an economically integrated "United States of Europe" will emerge as one marketplace, where everybody will speak English and deal in European Currency Units
, and differences will be as skin-deep as the differences in sales taxes and regulatory issues between North American states.
From now until December 31, 1992, the insured must have a minimum of 500 employees, annual sales of or exceeding 24 million European Currency Units
(ECUs) and a balance sheet showing a minimum reserve of 12.4 million ECUs.
The EU's overall trade deficit with Japan rose to 19.5 billion European Currency Units
(ECUs), or 16.79 billion U.S.