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The European Currency Unit (French: Unité de compte européenne, Spanish: Unidad Monetaria Europea, 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.
- XEU
- ECU
- 13 April 1979
- ₠
Sep 21, 2022 · The European Currency Unit (ECU) was the monetary unit used by the European Monetary System (EMS) before being replaced by the euro. The ECU was introduced in 1979 and replaced by the euro in...
- Will Kenton
There are eight currencies of the European Union as of 2023 used officially by member states. The euro accounts for the majority of the member states with the remainder operating independent monetary policies. Those European Union states that have adopted it are known as the eurozone and share the European Central Bank (ECB).
The euro ( symbol: €; currency code: EUR) is the official currency of 20 of the 27 member states of the European Union. This group of states is officially known as the euro area or, more commonly, the eurozone. The euro is divided into 100 euro cents. [6] [7]
- EUR (numeric: .mw-parser-output .monospaced{font-family:monospace,monospace}978)
- Varies, see language and the euro
At the same time that the EMS was created, the Council of the European Union Ministers created a new monetary unit, the European Currency Unit (ECU). The ECU was the official monetary unit of the EMS, but it was purely a composite accounting unit, not a real currency.
Each currency typically has a main currency unit (the dollar, for example, or the euro) and a fractional unit, often defined as 1 ⁄ 100 of the main unit: 100 cents = 1 dollar, 100 centimes = 1 franc, 100 pence = 1 pound, although units of 1 ⁄ 10 or 1 ⁄ 1000 occasionally also occur.
Apr 29, 2024 · euro, monetary unit and currency of the European Union (EU). It was introduced as a noncash monetary unit in 1999, and currency notes and coins appeared in participating countries on January 1, 2002. After February 28, 2002, the euro became the sole currency of 12 EU member states, and their national currencies ceased to be legal tender.
