From Wikipedia, the free encyclopedia
The
European Unit of Account
(EUA) was a
unit of account
most notably used in the
European Communities
from 1975 to 1979, when it was replaced at parity by the
European Currency Unit
, in turn replaced at parity in 1999 by the
euro
.
The EUA was introduced as the internal unit of account for the
European Payments Union
when that organisation was formed in 1950. The EUA was defined as 0.888671 grams of gold, or one US dollar. The unit was first used outside the EPU in 1961, when Kredietbank Luxembourgeoise issued a bond denominated in EUA.
[1]
After the
collapse of the Bretton Woods system
, the EUA was redefined as a basket of European currencies.
The EUA was used for
Lome Convention
and
European Investment Bank
operations before being gradually introduced into other sectors of Community activity.
[2]
The EUA basket was designed to have the same value in mid-1974 as the IMF
special drawing rights
basket, both worth US$1.20635; they immediately moved apart in value. Different units of account had previously been used for different purposes, including the budget, the
European Coal and Steel Community
, and the
Common Agriculture Policy
[3]
following the abandonment of the
gold parity unit of account
in the early 1970s in the wake of the collapse of the
Bretton Woods system
.
[4]
Bond market baskets of currencies
[
edit
]
Various European
currency baskets
were used as units of account in international
bond markets
. Some of these were defined in
ISO 4217
.
ISO 4217 Standard
definition:
European
currency baskets
and
ISO 4217
|
Name
|
Alphabetic code
|
Numeric code
|
Era
|
European Composite Unit
(EURCO)
|
XBA
|
955
|
Active
|
European Monetary Unit
(E.M.U.-6)
|
XBB
|
956
|
Active
|
European Unit of Account 9
(E.U.A.-9)
|
XBC
|
957
|
Active
|
European Unit of Account 17
(E.U.A.-17)
|
XBD
|
958
|
Active
|
European Unit of Account (EUA)
|
—
|
1975–1978
|
European Currency Unit
(ECU)
|
XEU
|
954
|
1978–1981
|
Euro
|
EUR
|
978
|
1998–
|
References
[
edit
]
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General
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Administration
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Fiscal provisions
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Economy
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International status
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Denominations
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Coins by country with minting rights
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Potential adoption by
other countries
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History
| General
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Previous EU members
and euro
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Preceding currencies
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Former fiscal provisions
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