The common currency would be similar to the European currency unit
and to the coming monetary union currency in 2013 of the Gulf Cooperation Council countries that include Bahrain, Kuwait, Qatar and Saudi Arabia.
On July 1, 1990 the European Community entered the first stage, which led to freedom of capital movements, increased cooperation among central banks, free use of the European currency unit
(ECU), and the improvement of economic convergence among member states of the European Union.
This led to the creation of the ECU (European Currency Unit
) which was designed to create a statute adjustable mechanism.
The first stage began in 1990 with the introduction of the Exchange Rate Mechanism (ERM) which linked the exchange rates of all participating member states' currencies to each other and to the European Currency Unit
1103/97 provides that, effective January 1, 1999, every reference in a legal instrument to the European Currency Unit
(ECU), as officially defined, shall be replaced by a reference to the euro at a rate of one euro to one ECU.(21)
The euro is the European currency unit
1, going off the European Currency Unit
(ECU), a transitional system used since 1990.
The value of the euro in relation to other currencies, including the dollar, will not be known until January 1, 1999, but it is likely to be near the value of the European currency unit
(ECU), which is now about $1.20.
qOther names considered for the single currency included the schilling, the thaler and the ecu, the European Currency Unit
, which represents the basket of currencies belonging to the European Monetary System.
OTHER names considered included schilling, thaler and ecu, after the European Currency Unit