单词 | european currency unit |
释义 | European Currency UnitEuropean Currency UnitEuropean Currency UnitEuropean Currency Unit:see European Monetary SystemEuropean Monetary System,arrangement by which most nations of the European Union (EU) linked their currencies to prevent large fluctuations relative to one another. It was organized in 1979 to stabilize foreign exchange and counter inflation among members. ..... Click the link for more information. . European Currency UnitEuropean Currency Unit (ECU)European Currency UnitEuropean Currency Unit (ECU)European Currency Unitsee EUROPEAN MONETARY SYSTEM.European Currency Unit (ECU)the former monetary asset used by member countries of the EUROPEAN MONETARY SYSTEM (EMS) to value the EXCHANGE RATES of members’ currencies which are held as part of their INTERNATIONAL RESERVES to settle payment imbalances between members. The ECU was replaced in January 1999 with the introduction of a new currency, the EURO, as part of ECONOMIC AND MONETARY UNION.Unlike other reserve assets such as GOLD, ECUs had no tangible life of their own. They were ‘created’ by the EMS's European Monetary Cooperation Fund in exchange for the in-payment of gold and other reserve assets by members and took the form of bookkeeping entries in a special account managed by the Fund. The value of the ECU was based on a weighted basket of members’ national currencies. |
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