European Currency Unit different from ECU
Euro replaces the ECU
On 1 January 1999, the euro (with the code EUR and symbol ⟨€⟩) replaced the ECU at par (one-to-one). Unlike the ECU, the euro is a real currency, although not all member states participate (for details on euro membership see Eurozone). Two of the countries in the ECU basket of currencies, UK and Denmark, did not join the eurozone, and a third, Greece, joined late. On the other hand, Finland and Austria joined the eurozone from the beginning, even though their currencies were not part of the ECU basket, since they had joined the EU in 1995, two years after the ECU composition was "frozen".