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 ?
It was envisaged that the currency, which Mr Major called the "hard Ecu", would be used initially by businesses and tourists, and managed by a new European monetary fund.
government proposed an alternative that embodied the Hayekian parallel-currency principle and came to be known as the "Hard Ecu" plan.
Several alternative blueprints for a path to EMU include (i) the "Maastricht" approach (time-specified/gradualist), (ii) the Hayekian "Hard Ecu" approach (competition/gradualist); and (iii) the "Hawaiian" approach (shock-therapy).
The Hard ECU. This plan, proposed by the British, calls for a parallel currency that would compete with national currencies and be managed according to its own criteria.