European currency unit definition

European currency unit means the currency basket periodically used as the unit of account of the European Community, as defined by Regulation No. 3320/94 of the Council of the European Union and as referred to in Article 109g of the treaty establishing the European Community, as amended by the Treaty on European Union. The term is abbreviated as ECU.
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European currency unit or "ECU" means the currency basket
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European currency unit and the term "ECU," mean a unit of account or lawful money of the European Union.
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Examples of European currency unit in a sentence

  • It was firstly introduced in 1979, when each currency set a fixed fluctuation band against the European Currency Unit (ECU), a weighted basket of members' currencies.

  • However, as the big banks began to dominate the market, the smaller continental banks looked back to the basket currency concept, where they had developed a loyal retail investor base and expertise.The continental banks took up the most successful of the basket currencies and the only one that had real staying power, the ECU or European Currency Unit.

  • The Phlx has preparedsummaries, set forth in sections (A), (B), and (C) below, of the most significantaspects of such statements.(A) Self-Regulatory Organization’sStatement of the Purpose of, and the Statutory Basis for, the Proposed Rule ChangeCurrently the Phlx offers listed FCOs on the British pound, French franc,Swiss franc, Japanese yen, Canadiandollar, Australian dollar, German mark and European Currency Unit.

  • In 1999, the European Currency Unit (ECU) was introduced, and later in 2002 euro notes and coins were officially introduced.

  • As used in this act:29 "Euro" means the currency of participating member states of the30 European Union signed February 17, 1992.31 "European Currency Unit" or "ECU" means the currency basket32 that is from time to time used as the unit of account of the European33 community as referred to in Article 109g of the Treaty on European34 Union and as defined in Regulation (EC) No 3320/94.

  • At the heart of the EMS laid the European Currency Unit (ECU) 1 See, among others, Ludlow (1982) and Giavazzi, Micossi and Miller (1988).2 See Collignon et al.

  • Although all currencies were formally pegged to the European Currency Unit, or ecu, in practice the Deutschmark was the anchor of the system, since it was the strongest currency and was expected to remain so (Giovannini 1989, Abdelal 1998).


More Definitions of European currency unit

European currency unit or "ECU" means the currency basket that is from time to time used as the unit of account of the European community as referred to in Article 109g of the Treaty on European Union and as defined in Regulation (EC) No.3320/94.
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European currency unit means the currency basket that is used as the unit of account of the European community pursuant to the European council's regulations.
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European currency unit and the term "ECU," mean a unit of account or lawful money of the European Communities."
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Related to European currency unit

  • Currency means Dollars or any Foreign Currency.

  • Foreign Currency means any currency or currency unit issued by a government other than the government of the United States of America.

  • Index Currency means USD.

  • National Currency means the currency, other than the Euro, of a Participating Member State.

  • Agreed Foreign Currency means, at any time, any of CAD, GBP, EUR, AUD, JPY, CHF, SEK and NZD, and, with the agreement of each Multicurrency Lender and Multicurrency Issuing Bank, any other Foreign Currency, so long as, in respect of any such specified Foreign Currency or other Foreign Currency, at such time (a) such Foreign Currency is dealt with in the relevant local market for obtaining quotations, and (b) no central bank or other governmental authorization in the country of issue of such Foreign Currency (including, in the case of the Euro, any authorization by the European Central Bank) is required to permit use of such Foreign Currency by any Multicurrency Lender for making any Revolving Loan hereunder or to permit any Issuing Bank to issue (or to make payment under) any Letter of Credit denominated in such Foreign Currency and/or to permit the Borrower to borrow and repay the principal thereof and to pay the interest thereon (or to repay any LC Disbursement under a Letter of Credit denominated in such Foreign Currency), unless such authorization has been obtained and is in full force and effect.

  • European Community means the territory comprised by the Member States of the European Community as constituted from time to time;

  • European Communities means the European Economic Community, the European Coal and Steel Community and the European Atomic Energy Community.

  • Class Currency means the currency in which a Share Class of a Fund is designated as determined by the Directors and disclosed in the Prospectus in relation to such Fund.

  • European Commission means the authority within the European Union that has the legal authority to grant Regulatory Approvals in the European Union based on input received from the EMA or other competent Regulatory Authorities.

  • Fiat Currency means a currency issued by a country's government or central bank.

  • Termination Currency means United States Dollars.

  • Quote Currency means the second currency in the Currency Pair which can be bought or sold by the Client for the Base Currency.

  • European Union means the member nations of the European Union established by the Treaty of European Union, signed at Maastricht on February 2, 1992, which amended the Treaty of Rome establishing the European Community.

  • Reference Currency means the currency specified as such in the applicable Final Terms.

  • Base Currency means the first currency in the Currency Pair against which the Client buys or sells the Quote Currency.

  • Eligible Currency means any currency other than Dollars that is readily available, freely traded, in which deposits are customarily offered to banks in the London interbank market, convertible into Dollars in the international interbank market available to the Lenders in such market and as to which a Dollar Amount may be readily calculated; provided, that Canadian Dollars shall constitute an Eligible Currency even if not customarily offered on the London interbank market so long as the CDOR Rate may be determined for Canadian Dollar Loans pursuant to the definition of CDOR Rate, and Canadian Dollars otherwise satisfy the requirements of this definition of Eligible Currency. If, after the designation by the Lenders of any currency as an Agreed Currency, currency control or other exchange regulations are imposed in the country in which such currency is issued, or any other event occurs, in each case with the result that different types of such currency are introduced, such country’s currency is, (i) in the determination of the Administrative Agent, no longer readily available or freely traded, (ii) as to which, in the determination of the Administrative Agent, a Dollar Amount is not readily calculable, or (iii) no longer a currency in which the Required Lenders are willing to make Loans (each of (i), (ii) and (iii), a “Disqualifying Event”), then the Administrative Agent shall promptly notify the Lenders and the Borrower, and such country’s currency shall no longer be an Agreed Currency until such time as the Disqualifying Event(s) no longer exist, but in any event within five (5) Business Days after receipt of such notice from the Administrative Agent, the Borrower shall repay all Loans made in the currency to which the Disqualifying Event applies in Dollars or convert such Loans into the Dollar Amount of Loans in Dollars, subject to the other terms contained in Article II.

  • Designated Foreign Currency means Euros, British pounds, Japanese yen or any other currency (other than Dollars and Canadian Dollars) approved in writing by each of the Lenders and that is freely traded and exchangeable into Dollars.