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European Currency Unit (ECU)
Prior to Stage Three of EMU, the ECU was a basket currency made up of the sum of fixed amounts of 12 out of the then 15 currencies of the EU Member States. The value of the ECU was calculated as a weighted average of the value of its component currencies. The ECU was replaced by the euro on a one-for-one basis on 1 January 1999. (European Central Bank)
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