ecu
- noun
- Archaic
:
ecu
- The total amount of funds allocated for this purpose after Spain and Portugal joined the EEC in 1986 exceeded $5.4 billion each year (5.5 billion European currency units or ECUs), and those amounts are expected to double after 1992 when the internal markets are completely unified.
Examples
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For instance, in 1992, cocoa beans were valued at 1000 Ecu per ton, whereas cocoa butter had a value of 2500 Ecu per ton.
Academic text (1994) -
The sawing of rough wood adds a value of 207 Ecu to its unit price of 260 Ecu per ton.
Academic text (1994) -
The Union's budget by 1999 would expand by some 100 billion ecu (in 1992 prices), well above that which seems feasible.
Academic text (1994) -
For instance, in 1992, cocoa beans were valued at 1000 Ecu per ton, whereas cocoa butter had a value of 2500 Ecu per ton.
Academic text (1994) -
In 1995, the exchange rate was fixed at 1 ecu for every 1.9 Euros as the EC prepared for the euro's introduction.
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Countries in the European Union used the ecu as a precursor to the euro in financial transactions.
-
The European Monetary System established the ecu as a way to stabilize currencies before the euro was adopted.
Synonyms
A money unit used by the European Community before the euro
Surface Forms
Etymology
Ecu for the European money unit borrows its name from the old French coin écu, and the modern abbreviation ECU also stood for 'European Currency Unit'; using the old coin name made the new money feel familiar and like a real currency.
