Nonetheless, another currency crisis occurred, and several countries found it necessary to devalue within the ERM or to abandon their links to the European currency unit
After the demise of the Bretton Woods international monetary system, in which the dollar served as the world's key currency, they strongly advocated the introduction of the European Monetary System with stable yet adaptable exchange rates and the European Currency Unit
-- the administrative unit that became the Euro -- as the standard unit of account.
The European Monetary System (EMS), the European Currency Unit
(ECU) and the proposed Economic and Monetary Union (EMU) are often in the news.
By late August and during most of September, market attention focused on pressures within the exchange rate mechanism (ERM) of the European Monetary System (EMS) and between the EMS and those currencies linked to it through the European currency unit
(ECU)--for example, the Finnish markka and Swedish krone.
During September, pressures against the dollar ceased temporarily as most attention focused on the mark and its relationship to other currencies in the Exchange Rate Mechanism (ERM) of the European Monetary System (EMS) and between the EMS and those currencies linked to the EMS through the European Currency Unit
There is also an increasing use of a common currency, the European Currency Unit
(ECU), particularly in countries with relatively weaker currencies and there may be some future demand for policies to be issued using ECUs.
Then, late in European trading on Friday, May 17, Sweden' s Riksbank announced that it would link the Swedish krona to the European currency unit
(ECU), replacing its trade-weighted basket of currencies, in which the dollar carried the largest weight, with a basket composed entirely of European Community currencies.
The case was a tortuous affair starting with an initial fine in 1989 of 320,000 ECUs, or European currency units
, the virtual currency used by the Commission before the Euro launch in 1999.
The expenditure of some 526 million European currency units
(ECUs)--equivalent to about half a billion U.S.
The European Union is providing financing for 2.48 million European Currency Units
(ECUs), about US$2.91 million, which is 80% of project cost; the balance of 20% is coming from the BVI Government.
Nykredit also has mortgages issued in European Currency Units
(ECUs), the measure that has served as a precursor to the euro.