The European accounting unit was the common base factor of the European currencies, which was introduced, after the system of the firm rates of exchange at the beginning of the 70's had disintegrated and the US Dollar had lost its guidance function and also the Werner plan had failed.

The ERE consisted of the currencies at that time nine EEC member states to that and as accounting currency of the community was used - Austria was indirectly involved by its de-facto-connection to the D-mark. After establishment of the European monetary system (EMS) the ERE was replaced on 1 January 1981 from the ECU, in the further consequence and after creation of the economic and monetary union of the euro.

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• http://userpage.fu-berlin.de/~tmuehle/europa/euro/euroart09.htm

Articles in category "European accounting unit"

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