One of the mysteries of the English language finally explained.
The former official monetary unit of the European Union, used to evaluate the exchange rates and reserves of members of the European Monetary System on a common basis and in trading Eurobonds. It was replaced by the euro.
- ‘For example, the Pesca programme spent 12 million ecus in Brittany between 1994 and 1999, on actions to promote processing, to improve the quality of fish products, or to train or retrain sailors.’
- ‘A stock of ecus would be created by each member state depositing 20 per cent of its gold and 20 per cent of its foreign currency reserves with a European Monetary Fund.’
- ‘In addition to the revenues from numerous lands in the Ile-de-France, in Brittany and the south, he earned an estimated 25,000 ecus per year from his royal offices.’
- ‘They also suggested that perhaps her liberty could be purchased with 20-30,000 ecus.’
- ‘Over the period 1989-1993 Ireland received 1.5 billion ecu, or slightly less than 8% of the total amount available from the ESF.’
Acronym from European currency unit.
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