Abstract
Before the process of the European Monetary Union began, the turbulence caused in the internal exchange rate system after the end of the Bretton Woods fixed exchange rate system led to the European Currency Unit (ECU), which was established in 1979, as the forerunner of the euro.1 Derived from a basket of varying amounts of currencies of the EU nations, the ECU was a unit of accounting used to determine exchange rates among the national currencies.
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© 2010 Georg Erber and Harald Hagemann
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Erber, G., Hagemann, H. (2010). Monetary Policy Challenges of the ECB Facing a Divergent Inflationary Process in the EMU Area. In: Fontana, G., McCombie, J., Sawyer, M. (eds) Macroeconomics, Finance and Money. Palgrave Macmillan, London. https://doi.org/10.1057/9780230285583_4
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DOI: https://doi.org/10.1057/9780230285583_4
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-31043-2
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