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European Currency Unit


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(Ecu)

A unit of account introduced by the European Economic Community when forming the European Monetary System in 1979. The Ecu was a form of international money used by various official European bodies in their accounting, but very little by other financial markets. Its value was equal to a weighted average of the currencies of several member countries. The Ecu was superseded by the Euro, when this was adopted in 1999.

Subjects: Economics.


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