It replaced an artificial currency, the ECU or the European Currency Unit
, which was a bureaucratic solution to all the separate currencies such as the drachma, the lira, the franc and the deutshmarks.
Moreover, private banks could increase their use of this monetary unit, just as some European banks used the so-called European Currency Unit
, helping to pave the way for the euro.
Back in 1991, the talk was all about an artificial currency called the European currency unit
, the forerunner of the euro, which was starting to gain traction in fixed-income and derivatives markets.
The main proposal is to make the European currency unit
(Ecu), already used as a means of EC accounting, into a parallel currency designed to appeal to tourists, businessmen and traders, by saving the time and cost of changing money.
The Germans agreed after some hesitation, the symbolic name euro was duly adopted, and the new currency replaced the European Currency Unit
(ECU) in January 1999.
strategy for the consolidation of the European Currency Unit
He was no stranger to the success of the two initiatives that paved the way to the euro: the creation of the European Monetary System and of the European Currency Unit
, the ECU.
The common currency would be similar to the European currency unit
and the monetary union currency in 2013 of the Gulf Cooperation Council countries that include Bahrain, Kuwait, Qatar and Saudi Arabia.
The ACU takes its cue from the European Currency Unit
or ECU, an artificial ''basket'' of currencies that was used by the member states of the European Union as their internal accounting unit.
FOUR years ago the then boss of Nissan Sunderland released a statement to the effect that unless the UK adapted a change of the European currency unit
there was no future for Nissan Sunderland trading in the UK.
The euro itself would emerge out of the ECU, the European Currency Unit
, which was a basket of the fifteen European currencies.