A unit of account, created by the European Economic Community in 1979 as part of the European Monetary System, based on a weighted average of the currencies of the member countries. The ECU was superseded by the creation of the EUROPEAN MONETARY UNION and the introduction of the EURO in 1999.

More On This Topic

Link to This Definition
Did you find this definition of EUROPEAN CURRENCY UNIT (ECU) helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary