Currency: European Unit of Account (EUA) and European Currency Unit (ECU)
Transition
-
Sub-units
none
ISO4217
XEU
Timeline
18.12.1975
Decision of the European Coal and Steel Commission [No. 3289/75/ECSC] on the creation of the European Unit of Account (EUA) tied to a currency basket; effective 01.01.1976
18.12.1978
Decision of the European Commission [No. 3180/78] on the transformation of the Unit of Account (EUA) into the European Currency Unit (ECU); effective 01.01.1979
Valuation Regimes
1976-1998
Fixed rate against currency basket which was extended in 1984 and 1989. As a preparation for the introduction of the Euro as common currency, the Maastricht Treaty (§ 109g) made its composition permanent; effective 01.11.1993.
Rate Arrangements
01.01.1976
Fixed
Basket of 9 currencies: - 27.1% German Mark (0.828 DEM) - 22.1% French Franc (1.15 FRF) - 15.4% British Pound (0.0885 GBP) - 13.7% Italian Lire (109 ITL) - 9.1% Netherlands Guilder (0.286 NLG) - 7.9% Belgian Franc (3.66 BEF) - 3.0% Danish Crown (0.217 DEK) - 1.3% Irish Pound (0.00759 IEP) - 0.3% Luxembourg Franc (0.14 LUF)
-
17.09.1984
Fixed
Basket of 10 currencies: - 32.1% German Mark (0.719 DEM) - 19.1% French Franc (1.31 FRF) - 14.9% British Pound (0.0878 GBP) - 10.1% Italian Lire (140 ITL) - 10.1% Netherlands Guilder (0.256 NLG) - 8.2% Belgian Franc (3.71 BEF) - 2.7% Danish Crown (0.217 DEK) - 1.3% Greek Drahme (1.15 GRD) - 1.2% Irish Pound (0.00871 IEP) - 0.3% Luxembourg Franc (0.14 LUF)
±0.0%
21.09.1989
Fixed
Basket of 12 currencies: - 30.1% German Mark (0.6242 DEM) - 19.0% French Franc (1.332 FRF) - 13.0% British Pound (0.08784 GBP) - 10.1% Italian Lire (151.8 ITL) - 9.4% Netherlands Guilder (0.2198 NLG) - 7.6% Belgian Franc (3.301 BEF) - 5.3% Spanish Peseta (6.885 ESP) - 2.4% Danish Crown (0.1976 DEK) - 0.8% Greek Drahme (1.44 GRD) - 1.1% Irish Pound (0.008552 IEP) - 0.8% Portuguese Escudo (1.393 PTE) - 0.3% Luxembourg Franc (0.13 LUF)
±0.0%
Time Period: 1999-
Currency: European Euro
Transition
1 : 1
Sub-units
Euro / 100 Euro Cent
ISO4217
EUR
Timeline
03.05.1998
Decision of the European Council [CELEX 31998D0317] to admit 11 member states to the European Monetary Union; effective 01.01.1999
31.12.1998
Ordinance of the European Council
[CELEX 31998R2866], determines the irrevocable conversion rates for the 11 member countries; effective 01.01.1999
01.01.1999
Start of currency exchange: - 01.01.1999: Introduction of the European Euro as a unit of account (while retaining the national banknotes and coins) - 01.01.2002: Start of issuance of banknotes and coins denominated in Euro - 28.02.2002: Demonetization of the former banknotes and coins in the 11 member countries.