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#redirect [[European Currency Unit]]
The '''XEU''' is the [[ISO currency code]] for the former [[European Currency Unit]] or '''ECU''', the predecessor of the [[Euro]]. (The "X" indicates a synthetic currency). The ECU no longer exists, since the birth of the Euro. Thus, for historical trend analysis purposes, the XEU may be used '''with caution''' as a synthetic Euro. It was a trade-weighted basket of currencies in the [[European Monetary System]]: consequently it contained the [[GBP]] before [[Black Wednesday]] (October 1992), but not afterwards.
At its birth, the Euro was legally defined to have the same value as the ECU on that day. The '''legacy currencies''' were redefined to be subdivisions of the Euro in accordance with their value in ECU.
The ''definitive'' values in euros of these subdivisions (which represent the [[exchange rate]]s at which the currency entered the euro) are as follows:
*13.7603 Austrian [[schilling]]s (ATS)
*40.3399 Belgian [[franc]]s (BEF)
*2.20371 Dutch [[guilder]] (NLG)
*5.94573 Finnish [[markka]] (FIM)
*6.55957 French [[franc]]s (FRF)
*1.95583 German [[Deutsche Mark|mark]]s (DEM)
*0.787564 Irish [[Irish pound|pound]]s (IEP)
*1936.27 Italian [[lira]] (ITL)
*40.3399 Luxembourg [[franc]]s (LUF)
*200.482 [[Portuguese escudo]]s (PTE)
*166.386 Spanish [[peseta]]s (ESP)
''Until [[Black Wednesday]] in 1992, the [[GBP]] was in the basket of currencies that defined the ECU.''
==See also==
[[XAU]] (synthetic unit of Gold)
Return to all [[TLA]]s.
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