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Possible Answers:
ECU.
Last seen on: Premier Sunday – King Feature Syndicate Crossword – Mar 21 2021
Random information on the term “ECU”:
The European Currency Unit (French: Unité de compte européenne, German: Europäische Währungseinheit ; ₠, ECU, or XEU) was a unit of account used by European Economic Community composed of a basket of member country currencies. The ECU came in to operation on 13 March 1979, and was assigned the ISO 4217 code. The ECU replaced the European Unit of Account (EUA) at parity in 1979, and it was later replaced by the euro (EUR) at parity on 1 January 1999.
As a unit of account, the ECU was not a circulating currency, and did not replace or override the value of the currency of EEC member countries. However, it was used to price some international financial transactions and capital transfers.
Using a mechanism known as the “snake in the tunnel”, the European Exchange Rate Mechanism was an attempt to minimize fluctuations between member state currencies—initially by managing the variance of each against its respective ECU reference rate—with the aim to achieve fixed ratios over time, and so enable the European Single Currency (which became known as the euro) to replace national currencies.[citation needed]