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Simple English definitions for legal terms
European Currency Unit
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A quick definition of European Currency Unit:
European Currency Unit: A type of money that was used by countries in the European Union before they started using the euro. It was created in 1979 and was used for accounting purposes within the EU. However, it stopped being used in 1999 when the euro was introduced.
A more thorough explanation:
The European Currency Unit (ECU) was a monetary unit that was used by the members of the European Union as their internal accounting unit. It was created in 1979 and was the precursor of the euro. The ECU was an artificial currency that was used to measure the value of different currencies in the European Union.
For example, if a company in France wanted to buy goods from a company in Germany, they would use the ECU to measure the value of the goods. This made it easier for companies to do business across different countries in the European Union.
The ECU ceased to exist in January 1999 when it was replaced by the euro. The euro is now the official currency of the European Union and is used by 19 of the 27 member states.
European Court of Human Rights | European Economic Community