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Euro currency is introduced to world financial markets

The European Currency Unit (French: Unité de compte européenne, Spanish: Unidad Monetaria Europea, German: Europäische Währungseinheit ; ⟨₠⟩, ECU, or XEU) was a unit of account used by the European...

The European Currency Unit (French: Unité de compte européenne, Spanish: Unidad Monetaria Europea, German: Europäische Währungseinheit ; ⟨₠⟩, ECU, or XEU) was a unit of account used by the European Economic Community and composed of a basket of member country currencies. The ECU came in to operation on 13 March 1979 and was assigned the ISO 4217 code. The ECU replaced the European Unit of Account (EUA) at parity in 1979, and it was later replaced by the euro (EUR) at parity on 1 January 1999.

As a unit of account, the ECU was not a circulating currency and did not replace or override the value of the currency of EEC member countries. However, it was used to price some international financial transactions and capital transfers.

Historical Significance

The European Currency Unit (French: Unité de compte européenne, Spanish: Unidad Monetaria Europea, German: Europäische Währungseinheit ; ⟨₠⟩, ECU, or XEU) was a unit of account used by the European Economic Community and composed of a basket of member country currencies.

Events Before

  1. Helen Wills Moody dies

    Helen Wills Moody, American tennis player, known for american tennis player, died on 1998-01-01.

  2. A paper published by Bryony Coles highlights the submerged land between Britain and Europe in the modern North Sea as a

    A paper published by Bryony Coles highlights the submerged land between Britain and Europe in the modern North Sea as a once crucial inhabited landmass and names it Doggerland [1]

  3. President Bill Clinton says "I want to say one thing to the American people; I did not have sexual relations with that w

    President Bill Clinton says "I want to say one thing to the American people; I did not have sexual relations with that woman, Miss Lewinsky"

  4. Osama bin Laden publishes a fatwa declaring jihad against all Jews and Crusaders

    Osama bin Mohammed bin Awad bin Laden (10 March 1957 – 2 May 2011) was the founder and first general emir of the al-Qaeda militant organization.

  5. "Baywatch" actress Pamela Anderson (31) divorces Motley Crue drummer Tommy Lee (35) after 3 years of marriage

    Pamela Denise Anderson is a Canadian-American actress, model and media personality.

Events After

  1. Gisborne, New Zealand, with a population of approximately 32,754, is the first city in the world to welcome the new Mill

    Gisborne, New Zealand, with a population of approximately 32,754, is the first city in the world to welcome the new Millennium

  2. Microsoft chairman Bill Gates steps aside as chief executive and appoints company president Steve Ballmer as his success

    Microsoft chairman Bill Gates steps aside as chief executive and appoints company president Steve Ballmer as his successor

  3. NASDAQ Composite stock market index peaks at 5132.52, signaling the beginning of the end of the dot-com boom

    NASDAQ Composite stock market index peaks at 5132.52, signaling the beginning of the end of the dot-com boom

  4. South African cricket captain Hansie Cronje is charged by Delhi police with fixing One Day International matches against

    South African cricket captain Hansie Cronje is charged by Delhi police with fixing One Day International matches against India

  5. Metallica files a lawsuit against the peer-to-peer sharing platform Napster, accelerating a movement against file-sharin

    Metallica files a lawsuit against the peer-to-peer sharing platform Napster, accelerating a movement against file-sharing programs

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Bryson Tiller is born

Bryson Tiller musician, known for american singer, was born on 1993-01-02. Bryson Djuan Tiller is an American R&B singer and rapper.

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Alan Hale Jr. dies

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Poppy [Moriah Rose Pereira] is born

Poppy [Moriah Rose Pereira] is born

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Peter Burling is born

Peter Burling, New Zealand athlete, known for new zealand sailor, was born on 1991-01-01. Peter Burling is a New Zealand sailor.

Frequently Asked Questions

What happened on January 1, 1999?
The European Currency Unit (French: Unité de compte européenne, Spanish: Unidad Monetaria Europea, German: Europäische Währungseinheit ; ⟨₠⟩, ECU, or XEU) was a unit of account used by the European Economic Community and composed of a basket of member country currencies. The ECU came in to operation on 13 March 1979 and was assigned the ISO 4217 code. The ECU replaced the European Unit of Account (EUA) at parity in 1979, and it was later replaced by the euro (EUR) at parity on 1 January 1999.
Why is Euro currency is introduced to world financial markets significant?
The European Currency Unit (French: Unité de compte européenne, Spanish: Unidad Monetaria Europea, German: Europäische Währungseinheit ; ⟨₠⟩, ECU, or XEU) was a unit of account used by the European Economic Community and composed of a basket of member country currencies.

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January 1 in HistoryYear 1999