Before the introduction of the euro, the single European currency was known as the European Currency Unit (ECU). The ECU was established in 1979 as a unit of account used by the European Economic Community (EEC) member states to track exchange rates and facilitate financial transactions. The ECU was a basket currency composed of a weighted average of the currencies of the EEC member states. It was used for accounting purposes and as a benchmark for financial instruments such as bonds and loans. The value of the ECU was determined by a combination of the currencies of the EEC member states, with each currency's weight in the basket reflecting its importance in the European economy. In 1999, the ECU was replaced by the euro as the single currency of the European Union. The euro was introduced as an electronic currency in January 1999 and as physical banknotes and coins in January 2002. The euro is now used by 19 of the 27 European Union member states, as well as several non-EU countries, making it one of the most widely used currencies in the world. The transition from the ECU to the euro was a major milestone in the process of European integration and the creation of a single market. The euro has helped to streamline financial transactions, reduce exchange rate volatility, and promote economic stability within the European Union. For more information on the history of the European Currency Unit and the transition to the euro, you can visit the European Central Bank's website at https://www.ecb.europa.eu/euro/intro/html/index.en.html. The ECB provides detailed information on the euro's introduction, design, and circulation, as well as its impact on the European economy. In conclusion, the European Currency Unit was the predecessor to the euro, serving as a benchmark currency for the EEC member states. The introduction of the euro marked a significant step towards European integration and economic cooperation, with the euro now being used by millions of people across Europe and beyond.

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