Euro Replaces ECU
On 1 January 1999, the euro (with the code EUR and symbol €) replaced the ECU, at the value €1 = 1 ECU. Unlike the ECU, the euro is a real currency, although not all member states participate (for details on Euro membership see Eurozone). Two of the countries in the ECU basket of currencies, UK and Denmark, did not join the eurozone, and a third, Greece, joined late. On the other hand, Finland and Austria joined the Eurozone from the beginning although their currencies were not part of the ECU basket (since they had joined the EU in 1995, two years after the ECU composition was "frozen").
Read more about this topic: European Currency Unit
Famous quotes containing the word replaces:
“Alcohol doesn’t console, it doesn’t fill up anyone’s psychological gaps, all it replaces is the lack of God. It doesn’t comfort man. On the contrary, it encourages him in his folly, it transports him to the supreme regions where he is master of his own destiny.”
—Marguerite Duras (b. 1914)