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European Unit of Account

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European Unit of Account

The European Unit of Account (EUA) was a unit of account 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.

Initially it was used for Lomé Convention and European Investment Bank operations before being gradually introduced into other sectors of Community activity.[1]

The EUA was a basket of European currencies, originally 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[2] 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.[3]

Bond market baskets of currencies

Various European currency baskets were used as units of account in international bond markets. Some of these were defined in ISO 4217.[4]

Alphabetic code Numeric code Name
XBA 955 European Composite Unit (EURCO)
XBB 956 European Monetary Unit (E.M.U.-6)
XBC 957 European Unit of Account 9 (E.U.A.-9)
XBD 958 European Unit of Account 17 (E.U.A.-17)
XEU 954 European Currency Unit
EUR 978 Euro

References

  1. ^ "Timeline of the European Union | EU Facts". Europeaninstitute.org. Retrieved 2010-06-30. 
  2. ^ The Units of Account as a Factor of Integration CEC 87/75
  3. ^ European Union Public Finance, European Commission, ISBN 92-894-1620-3, published 2002, accessed 20112-01-09
  4. ^ ISO currency codes list


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