European unit of account

The European Unit of Account (EUA) was the common benchmark for European currencies, which was introduced after the Bretton Woods system with its fixed exchange rates collapsed in the early 1970s and the US dollar lost its leading role, as did the Werner Plan failed.

The ERE was made up of the currencies of the then nine EEC member states and was used as the Community's settlement currency - Austria was indirectly involved through its de facto link to the D-Mark .

After the establishment of the European Monetary System (EMS) , the ERE was replaced by the ECU on January 1, 1981 , and subsequently by the euro after the establishment of the Economic and Monetary Union .

Comparison as of 1980: 1 European unit of account (ERE) = 2.50 DM = converted 1.28 euros.