The European Currency Unit, or ECU, was a unit of account used by the European Community from 1979 to 1998. It was created as part of the European Monetary System, which aimed to stabilize exchange rates among member states. The ECU was not a real currency but a basket made up of fixed amounts of the currencies of the member states, weighted according to the size of each economy. It served as a reference for exchange-rate mechanisms and for the Community budget, and private markets also issued bonds in ECU. On 1 January 1999 it was replaced one-for-one by the euro.
Before and after
- 8 December 1978Death of Golda Meir
- 18 December 1978Deng Xiaoping launches China's 'reform and opening up'
- 19791979 energy crisis
- from 1979 to 2015One-child policy
- from 1 January 1979 to 1 January 1999Introduction of European Currency Unit
- 1979Establishment of Serra da Capivara National Park
- 1979Moon Treaty
- 1979Founding of Saint Vincent and the Grenadines
- 1979Establishment of Sangay National Park
More in Society, economy & sport
- 1945Founding of International Court of Justice
- 27 December 1945Founding of World Bank
- 15 June 1954Founding of Union of European Football Associations
- 14 September 1960Founding of Organization of the Petroleum Exporting Countries
- 8 December 1991Founding of Commonwealth of Independent States
- 4 February 2004Founding of Facebook
The era
This moment belongs to the Contemporary world (1945 CE to today), the world since 1945. You can also browse everything in the 20th century.