European Unit of Account

The European unit of account ( EUA) was the common reference value of European currencies, which was introduced after the Bretton Woods system had collapsed in the early 1970s with its fixed exchange rates and the U.S. dollar had lost its leading function and also the Werner Plan had failed.

The ERE was composed of the currencies of the then nine EEC Member States and was used as a settlement currency of the community - Austria was involved indirectly through its de facto binding to the D-Mark.

After establishment of the European Monetary System (EMS ), the ERE was replaced by the euro on 1 January 1981 by the ECU, in the further course of and after the creation of the Economic and Monetary Union.

Comparison Stand: 1980: 1 European unit of account ( EUA) = DM 2.50 = 1.28 euros converted.

  • Historical Currency Unit ( Europe)
  • History of European Monetary
Werner-Plan
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