The European Currency Unit ( French: Unité de compte européenne, German: Europäische Währungseinheit ; ₠, ECU, or XEU) was a unit of account used by the European Economic Community and composed of a basket of member country currencies. The ECU came in to operation on 13 March 1979 and was assigned the ISO 4217 code. 
There are nine currencies of the European Unionas of 2020[update]used officially by member states. The euroaccounts for the majority of the member stateswith the remainder operating independent monetary policies. Those European Unionstates that have adopted it are known as the eurozoneand share the European Central Bank(ECB).
The European Currency Unit ( French: Unité de compte européenne, German: Europäische Währungseinheit ; ₠, ECU, or XEU) was a unit of account used by the European Economic Community and composed of a basket of member country currencies. The ECU came in to operation on 13 March 1979 and was assigned the ISO 4217 code.
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Background, 1960 to 1971
The origins of the EMS can be traced back to the end of 1960 when the Heads of the member states of the EEC, known as the European Council today, met in the Hague and agreed to begin moving toward the goal of a single European economy.In 1969, the European Council decided to create an economic and monetary union to be implemented by 1980.
1972: the Werner Report is published and EEC countries peg their currencies
A group of experts, led by the Prime Minister and Minister of Finance of Luxembourg, Pierre Werner, met and produced the Werner Report, which was published on 8 October 1970 and outlined the structure and function of the EMS. On the basis of the Werner Report, the EEC began moving to a single economy in three stages. The final stage economy was to have a fixed exchange rate but no single currency. After the abandonment of the Bretton Woods system in 1971, the EEC took action....
The EMS is created
At a meeting of the EEC in Brussels on 5 December 1978, French President Valéry Giscard d'Estaing and German Chancellor Helmut Schmidt successfully championed the EMS, which was implemented via resolution at the meeting. The EMS officially entered into force on March 13, 1979 with the participation of eight Member States (France, Denmark, Belgium, Luxembourg, Ireland, Netherlands, Germany and Italy).
Michael J Artis (1987) assessed the credibility of the EMS, stating that the EMS had low credibility during the first eight years of its history. Artis also states that the system demonstrated its resilience despite working relatively non-smoothly. He also remarked that EMS was supposed to have improved the stability of the intra-EMS bilateral exch...Kathleen R. McNamara. 1999. "Consensus and Constraint: Ideas and Capital Mobility in European Monetary Integration." JCMS: Journal of Common Market StudiesVolume 37, Issue 3, Pages 455–476.Story, Jonathan. "The launching of the EMS: An analysis of change in foreign economic policy." Political Studies36.3 (1988): 397–412.
There are 29 currencies currently used in the 50 countries of Europe, all of which are members of the United Nations, except Vatican City, which is an observer with the United Nations General Assembly.  All de facto present currencies in Europe, and an incomplete list of the preceding currency, are listed here.
Sep 21, 2022 · The European Currency Unit (ECU) was the official monetary unit of the European Monetary System (EMS) before it was replaced by the euro. The value of the ECU was used to determine the...