weights of EMS currencies in the ecu basket

The euro replaced the ECU (European currency unit), a basket of national currencies which had previously been used for EU accounting purposes, on 1 January 1999.

From this point on, the euro would be a currency in its own right and its external value would be that of the official ecu basket, which would cease to exist.

(6) Whereas the ECU as referred to in Article 109g of the Treaty and as defined in Council Regulation (EC) No 3320/94 of 22 December 1994 on the consolidation of the existing Community legislation on the definition of the ECU following the entry into force of the Treaty on European Union (4) will cease to be defined as a basket of component currencies on 1 January 1999 and the euro will become a currency in its own right; whereas the decision of the Council regarding the adoption of the conversion rates shall not in itself modify the external value of the ECU; whereas this means that one ECU in its composition as a basket of component ...[+++]currencies will become one euro; whereas Regulation (EC) No 3320/94 therefore becomes obsolete and should be repealed; whereas for references in legal instruments to the ECU, parties shall be presumed to have agreed to refer to the ECU as referred to in Article 109g of the Treaty and as defined in the aforesaid Regulation; whereas such presumption should be rebuttable taking into account the intentions of the parties;

The euro replaced the ECU (European currency unit), a basket of national currencies which had previously been used for EU accounting purposes, on 1 January 1999.