Richard F. Clements
November 30, 2011
The ECU was first adopted by the European Union in 1979. ECU, which stands for European Currency Unit, was the basket of currencies that is the predecessor to the Euro as we know it today. It was the predecessor, but does not represent the same currencies that the Euro currently represents, which right before launch was tied to the ERM – or European Exchange Rate Mechanism. This was the range in which currencies had to trade prior to moving to the Euro. While remembering the currencies of yesteryear – the French Franc, Deutsche Mark, or the Spanish peseta – does that memory include the moment that sparked an inordinate amount of wealth for George Soros? Who is Norman Lamont? What was black Wednesday?.....read more