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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.
The ACU takes its cue from the European Currency Unit or ECU, an artificial ''basket'' of currencies that was used by the member states of the European Union as their internal accounting unit.
FOUR years ago the then boss of Nissan Sunderland released a statement to the effect that unless the UK adapted a change of the European currency unit there was no future for Nissan Sunderland trading in the UK.
The euro itself would emerge out of the ECU, the European Currency Unit, which was a basket of the fifteen European currencies.
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.
Spending will be at prudent levels in satisfaction of undertakings associated with the new 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.
The euro is the European currency unit (ECU) renamed.

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