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Glossary of Trade & Shipping Terms - E1

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  • East African Development Bank - The EADB was created in 1967 to promote economic development among Kenya, Tanzania, and Uganda. Bank headquarters are in Kampala, Uganda.
  • E. - East
  • e. & e.a. - Each and every accident
  • e. & e.l. - Each and every loss
  • e. & e.o. - Each and every occurrence
  • E. & O.E. - Errors and omissions excepted
  • E.C.A. - Economic Commission for Africa
  • E.C.C.P. - East coast coal port
  • E.C.E. - Economic Commission for Europe
  • E.C.G.B. - East coast of Great Britain
  • E.C.G.D. - Export Credit Guarantee Department
  • E.C.I. - East coast of Ireland
  • E.C.L.A. - Economic Commission for Latin America
  • E.C.M.E. - Economic Commission for the Middle East
  • E.C.U.K. - East Coast of United Kingdom
  • E.C.V. - Each cargo voyage
  • E.E. - Errors excepted
  • E.E.C. - European Economic Community
  • E.F.T.A. - European Free Trade Association
  • E.I. - Each incident
  • E.L. - Employer's liability
  • E.M.L. - Estimated maximum loss
  • E.M.P.L. - Estimated maximum probable loss
  • E.M.S. - European Monetary System
  • e.o.h.p. - Excepted otherwise herein provided
  • E.P.I. - Earned premium income
  • E.P.I.R.B. - Emergency position indicator radio beacon
  • E.R.V. - Each round voyage
  • E.S.D. - Echo-sounding device
  • EAA - Export Administration Act
  • EAC - Export Assistance Center
  • EADB - East African Development Bank
  • EAEC - East Asian Economic Caucus, European Atomic Energy Community
  • EAI - Enterprise for the Americas Initiative
  • EAR - Export Administration Regulations
  • EARB - Export Administration Review Board
  • East Asian Economic Caucus - The EAEC is a regional consultative forum proposed by Malaysia in late 1990 under the name of East Asian Economic Grouping. Participation would be limited to Asian nations.
  • Eastern Caribbean Central Bank - ECCB, established in October 1983, promotes economic development, monetary stability and credit and exchange among eight member nations. Bank headquarters is in Basseterre, St. Kitts.
  • Eastern Europe Business Information Center - EEBIC provides information on trade and investment opportunities, trade regulations and legislation, sources of financing, and government and industry contacts in the former Eastern Bloc. The Center is a Department of Commerce service which was initiated in January 1990. EEBIC is a Department of Commerce service which was established in January 1990. The Center maintains a 24-hour automated flashfax system which is reached on 202-482-5745; voice telephone is 202-482-2645.
  • EBB - Economic Bulletin Board
  • EBRD - European Bank for Reconstruction and Development
  • EC - Economic Cooperation Organization
  • EC - European Community
  • ECA - Economic Commission for Africa
  • ECAs - Export Credit Agencies
  • ECASS - Export Control Automated Support System
  • ECB - European Central Bank
  • ECCAS - Economic Community of Central African States
  • ECCB - East Caribbean Central Bank
  • ECCN - Export Control Classification Number;, formerly: - Export Commodity Classification Number
  • ECE - Economic Commission for Europe
  • ECGD - Export Credit Guarantee Department
  • ECJ - European Court of Justice
  • ECLAC - Economic Commission for Latin America and the Caribbean
  • ECLS - Export Contact List Service
  • Eco-Label - An eco-label is a voluntary mark awarded by the European Community (EC) to producers who can show that their product is significantly less harmful to the environment than similar products. The EC environment ministers agreed to the concept of an eco-label in March of 1992. The EC Commission and member states are drafting proposals for eco-labelling criteria with the intention of providing a clear commercial benefit for developing less polluting products and processes.
  • ECO/COM - Economic/Commercial Section
  • Economic and Social Commission for Asia and the Pacific - See: United Nations Regional Commissions.
  • Economic and Social Commission for Western Asia - See:United Nations Regional Commissions.
  • Economic and Social Council - ECOSOC was created in 1945 to coordinate the economic and social work of the United Nations. The Council undertakes studies and makes recoomendations on development, world trade, industrialization, natural resources, human rights, the status of women, population, narcotics, social welfare, science and technology, crime prevention, and other issues. The Council structure includes five regional commissions and six functional commissions. The functional commissions include: - Commission on Human Rights - Commission on Narcotic Drugs - Commission for Social Development - Commission on the Status of Women - Population Commission - Statistical Commission. See: United Nations Regional Commissions.
  • Economic Bulletin Board - The EBB is a personal computer-based economic bulletin board operated by the U.S. Department of Commerce in Washington, D.C. The EBB is an online source for trade leads and statistical releases from the Bureau of Economic Analysis, the Census Bureau, the International Trade Administration, the Bureau of Labor Statistics, the Federal Reserve Board, Department of the Treasury, and other Federal agencies. The EBB may be reached 24 hours each day, 7 days each week at 202-482-3870 (300/1200/2400 bps) with PC communication switches set to no parity, 8 bit words and 1 stop bit. The 9600 bps service uses US Robotics Dual Standard HST/V. 32 modems and can be reached by dialing 202-482-2584. Information may be obtained by calling 202-482-1986 (M-F, 8:30 am - 4:30 pm, EST)
  • Economic Commission for Africa - See:United Nations Regional Commissions.
  • Economic Commission for Europe - See:United Nations Regional Commissions.
  • Economic Commission for Latin America and the Caribbean - See: United Nations Regional Commissions.
  • Economic Community of Central African States - The Economic Community of Central African States (French: Communaute Economique des Eats de l'Afrique Centrale, CEEAC) was created by the Customs and Economic Union of Central Africa to promote regional economic cooperation, eliminate trade restrictions, and establish a Central African Common Market. Members include: Burundi, the Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, Gabon, Rwanda, Sao Tome and Principe, and Zaire. The Community was established in 1983 (became operational in 1985); headquarters are in Libreville, Gabon.
  • Economic Community of the Great Lakes Countries - The Economic Community of the Great Lakes Countries (French: Communaute Economique des Pays des Grands Lacs, CEPGL) was created in September 1976 to promote regional economic cooperation and integration. The Community is associated with the Great Lakes States Development Bank (Banque de Developpement des Etats des Grands Lacs). Community members include: Burundi, Rwanda, and Zaire. Headquarters are in Gisengi, Rwanda. See: Development Bank of the Great Lakes States.
  • Economic Community of West African States - ECOWAS, established in May 1975 by the Treaty of Lagos (first operating in November 1976), is an economic association of 16 West African nations aimed at creating a full customs union (not yet achieved) as well as social and cultural fellowship. Members include: Benin, Burkina Faso, Cape Verde, C"te d'Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, and Togo. Community headquarters are in Abuja, Nigeria.
  • Economic Cooperation Organization - The ECO strengthens cooperation to improve socio-economic conditions among the populations of members. The Organization was founded in 1964; headquarters are in Tehran, Iran. Members include: Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkmenistan, Turkey, and Uzbekistan.
  • Economic Officers - Embassy officials who analyze and report on macroeconomic trends and trade policies and their implications for U.S. policies and programs. Economic Officers represent U.S. interests and arrange and participate in economic and commercial negotiations. See: Commercial Officers Foreign Service.
  • Economic Policy Council - The EPC was established by Executive Order in 1985 to address major trade policy issues in a single forum as a means of reducing tensions between different groups, such as the Trade Policy Committee and the Senior Interagency Group. The Council was modified in the Omnibus Trade and Competitiveness Act of 1988. Membership includes Treasury (chair pro tem), State, Agriculture, Commerce, Labor, Transportation, the OMB, the U.S. Trade Representative, the Council of Economic Advisers, and the Assistant to the President for Science and Technology.
  • Economic Research Service - The Agriculture Department's ERS provides expertise, data, models and research information about the agricultural economies and policies of foreign countries, the agricultural trade and development relationships between foreign countries and the United States, and U.S. agricultural policies. Topics include: (a) agricultural trade and trade policies and their relationship to the economic, technical, and political factors affecting agricultural trade among countries; (b) economic and agricultural market structure, efficiency, and performance of foreign countries; (c) technical production systems of foreign countries; and (d) foreign governments' production, consumption, monetary, and trade policies.
  • Economic Sanctions - Economic sanctions used for foreign policy purposes are economic penalties, such as prohibiting trade, stopping financial transactions, or barring economic and military assistance, used to achieve the goal of influencing the target nation. Sanctions can be imposed selectively, stopping only certain trade and financial transactions or aid programs, or comprehensively, halting all economic relations with the target nation. While sanctions can be imposed to serve multiple goals, the measures are more successful in achieving the less ambitious and often unarticulated goals of: (a) upholding international norms by punishing the target nation for unacceptable behavior and (b) deterring future objectionable actions. Sanctions are usually less successful in achieving the most prominently stated goal of making the target country comply with the sanctioning nation's stated wishes.
  • Economic Stabilization Fund - The ESF is is a fund used to stabilize the U.S. dollar in times of foreign exchange volatility. The fund is administered jointly by the Treasury Department and the Federal Reserve Board, through its New York offices. Fund resources, appropriated by Congress, are usually provided fifty percent by Treasury and the Fed. Although not a major role, the fund has also been used in swap agreements with other countries to support their currencies. The fund was established by the Gold Reserve Act of 1934.
  • Economic Support Fund - ESF is an Agency for International Development appropriation account for funding economic assistance to countries based on considerations of economic and foreign policy interests of the United States, often in conjuntion with military base rights or access rights agreements. Country allocations are determined by the State Department consistent with Congressional earmarks. To the extent possible, the use of ESF conforms to the basic policy directions underlying development assistance. Funds can be used for commodity imports, balance of payments support or as cash grants for budget support. See: Development Assistance.
  • Economic Zones - Economic zones are designated regions in a country which operate under rules that provide special investment incentives, including duty free treatment for imports, for manufacturing plants which reexport their products. The term "economic zone" is currently used in the People's Republic of China and the former Soviet Union. See: Free Trade Zones.
  • ECOSOC - Economic and Social Council
  • Ecotourism - Ecotourism is a broad term which encompasses nature tourism, adventure tourism, ethnic tourism, responsible or wilderness-sensitive tourism, soft-path or small-scale tourism, low-impact tourism, responsible or wilderness tourism, and sustainable tourism. Scientific, educational, or academic tourism (such as biotourism, archetourism, and geotourism) are also forms of ecotourism. The definition of the term stresses the destinations and objectives of ecotourism from the traveler's point of view.
  • ECOWAS - Economic Community of West African States
  • ECSC - European Coal and Steel Community
  • ECSC - European Coal and Steel Community
  • ECU - European Currency Unit
  • ED - Export Development Office
  • EDB - Exporter Data Base
  • EDC - Export Development Corporation
  • Edge Act Corporations - These are banks that are subsidiaries either to bank holding companies or other banks established to engage in international banking and foreign investment and business transactions.
  • EDIFACT - Electronic Data Interchange for Administration, Commerce, and Transportation EDIFACT is an international syntax used in the interchange of electronic data. Customs uses EDIFACT to interchange data with the importing trade community.
  • EEA - European Economic Area
  • EEBIC - Eastern Europe Business Information Center
  • EEC - European Economic Community
  • EEC - European Economic Community, or Common Market
  • EEC - European Economic Community
  • EEP - Export Enhancement Program
  • EEPROM - Electronically Erasable Programmable Read-Only Memory
  • EEZ - Exclusive Economic Zones
  • EFF - Extended Fund Facility
  • EFTA - European Free Trade Association
  • EFTA - European Free Trade Association
  • EIB - European Investment Bank
  • EIS - Export Information System
  • ELAIN - Electronic License Application and Information Network
  • ELAN - Export Legal Assistance Network
  • Electronic License Application and Information Network - ELAIN is a BXA 24-hour on-line service which allows exporters to submit license applications electronically through value-added network vendors.
  • ELVIS - Export License Voice Information System
  • EMC - Export Management Company
  • EMC - Export Management Company
  • EMCF - European Monetary Cooperation Fund
  • EMS - European Monetary System
  • EMU - European Monetary Union
  • EN - European Norm
  • Enabling Clause - Part I of the General Agreement on Tariffs and Trade (GATT) framework which permits developed country members to give more favorable treatment to developing countries and special treatment to the least developed countries, notwithstanding the most-favored-nation provisions of the GATT.
  • Enhanced Proliferation Control Initiative - In December 1990, the United States announced a series of measures -- collectively referred to as the Enhanced Proliferation Control Initiative (EPCI) -- to reduce certain proliferation risks. Under the initiative, the U.S. requires licenses for exports of: (a) precursor chemicals that can be used in making chemical weapons and whole chemical plants to make such precursors; (b) potential chemical and biological weapon-related industrial facilities, related designs, technologies, and equipment; and (c) any items to destinations that raise proliferation concerns when the exporter knows, or is informed by the Commerce Department, of such concerns. The initiative also calls for: (d) penalties on U.S. firms and individuals that promote the spread of chemical weapons and missile technology; (e) control lists of (i) dual-use equipment and technologies related to chemical and biological weapons and missiles, and (ii) countries to which exports of such items should be controlled; and (f) multilateral adoption of the initiative's measures.
  • Enhanced Structural Adjustment Facility - The ESAF is a system by which the International Monetary Fund loans concessional resources to assist poor countries. These countries have extended balance of payments deficits and pursue an orderly plans for correcting the deficits and promoting medium-term economic structural adjustment and macroeconomic programs. While similar to the Structural Adjustment Facility (SAF), ESAF has triple the resources available for supporting structural adjustment and monitors performance more closely. Both facilities use the Policy Framework Paper as a means for attracting additional support structural adjustment. SAF was established in March 1986, ESAF in December 1987; both facilities require repayments to be made in 5« to 10 years. More than 60 countries are eligible for assistance under these facilities. See: International Monetary Fund Policy Framework Paper.
  • Enterprise for the Americas Initiative - The EAI, launched in June 1990, supports development of a new economic relationship between the United States and Latin America. The EAI has trade investment, debt, and environment aspects. Trade aspects include efforts to advance free trade agreements with markets in Latin America and the Caribbean, particularly with groups of countries that have associated for purposes of trade liberalization. As part of this process, the U.S. seeks to enter into "framework" agreements on trade and investment with interested countries or groups of countries. These agreements set up intergovernmental councils to discuss and, where appropriate, to negotiate the removal of trade and investment barriers. Investment aspects include the establishment of an Investment Sector Loan program and the Multilateral Investment Fund to support investment reforms. See: Investment Sector Loan Program Multilateral Investment Program.
  • Enterprise Unipersonnelle e Responsabilite Limitee - EURL (French: "sole ownership limited liability company") combines features of both a corporation and a partnership. This form of organization can be established with only one shareholder.
  • Entrepot - An intermediary storage facility where goods are kept temporarily for distribution within a country or for reexport.
  • Entry (Customs) - A statement of the kinds, quantities and values of goods imported together with duties, if any, declared before a customs official.
  • Entry Papers - Those documents which must be filed with the Customs officials describing goods imported, such as consumption entry, Ocean Bill of Lading or Carrier Release, and Commercial Invoice.
  • Entry Summary Selectivity System - The Entry Summary Selectivity System, a part of Customs' Automated Commercial System, provides an automated review of entry data to determine whether team or routine review is required. Selectivity criteria include an assessment of risk by importer, tariff number, country of origin, manufacturer, and value. Summaries with Census warnings, as well as quota, antidumping and countervailing duty entry summaries are selected for team review. A random sample of routine review summaries is also automatically selected for team review.
  • Entry Summary System - An entry is the minimum amount of documentation needed to secure the release of imported merchandise. The Entry Summary System, a part of Customs' Automated Commercial System, contains data on release, summary, rejection, collection, liquidation, and extension or suspension.
  • Entry Value - The U.S. Customs Service defines entry value (or entered value) as the value reflected on the enry documentation submitted by the importer. (see 19 CFR 141.61 for how shown on entry. )
  • EOP - European Patent Office
  • EOTC - European Organization for Testing and Certification
  • EP - European Parliament
  • EPC - Economic Policy Council, European Patent Convention
  • EPCI - Enhanced Proliferation Control Initiative
  • EPROM - Erasable Programmable Read-Only Memory
  • EPS - Export Promotion Services
  • EPZs - Export Processing Zones
  • ERLC - Export Revolving Line of Credit
  • ERM - Exchange Rate Mechanism
  • ERS - Economic Research Service
  • ESA - European Space Agency
  • ESAF - Enhanced Structural Adjustment Facility
  • ESCAP - Economic and Social Commission for Asia and the Pacific
  • Escape Clause - The escape clause, which can be invoked under GATT Article XIX, allows countries to temporarily violate their GATT obligations to the degree and time necessary to protect a domestic industry from serious injury. Countries taking such actions, however, must consult with affected contracting parties to determine appropriate compensation for the violation of GATT rights, or be subject to retaliatory trade actions. Section 201 of the Trade Act of 1974 requires the U.S. International Trade Commission to investigate complaints filed by domestic industries or workers claiming that they are injured or threatened by rapidly rising imports. Section 203 of the Act provides that if the ensuing investigation establishes that the complaint is valid, relief may be granted in the form of adjustment assistance, which may be training, technical, and financial assistance, or temporary import restrictions in the form of tariffs, quotas, tariff rate quotas, and/or orderly marketing agreements. Import restrictions imposed under the escape clause authority are limited in duration. They may last no longer than five years but can be extended by the President for a three-year period.
  • Escape Clause - A provision within the GATT (Article XIX) that allows a country try to suspend tariff or other concessions when certain imports injure or threaten to injure domestic producers of competitive goods or services. Section 201 of The Trade Act of 1974 codifies Article XIX in U.S. law.
  • ESCB - European System of Central Banks
  • Escrow Account - An escrow account is a special bank account into which earnings from sales (e.g., convertible currency proceeds from exports) are accumulated. These revenues are set aside for subsequent acquisition of goods and services from a foreign supplier. The escrowed money, usually interest-bearing, is disbursed by the bank to the foreign supplier under payment terms and against documents specified in the supplier's sale contract.
  • ESCWA - Economic and Social Commission for Western Asia
  • ESF - Economic Stabilization Fund, Economic Support Fund
  • ESP - Exporter's Sale Price
  • ESPRIT - European Strategic Program for Research and Development in, Information Technologies
  • est. - Estimated
  • ETA - European Technical Approval
  • ETA - Estimated time of arrival
  • ETC - Export Trading Company
  • ETC - Export Trade Company
  • ETSI - European Telecommunications Standards Institute
  • ETUC - European Trade Union Confederation
  • EU - European Union
  • EUCLID - European Cooperation for the Long-term in Defense
  • EURAM - European Research in Advanced Materials
  • EURATOM - European Atomic Energy Community
  • EUREKA - European Research Coordination Agency
  • EURL - Entreprise Unipersonnelle e responsabilite limitee
  • Eurobond - See: Eurodollars.
  • Eurocurrency - See: Eurodollars.
  • Eurodollars - Eurodollars are deposits of U.S. dollars in banks or other financial institutions which are located outside the borders of the Un Central Bank - The ECB, as envisioned by the Treaty of Maastricht, would be created to oversee performance of economic policy and exchange rate policy tasks conferred on the European System of Central Banks. The ECB would have the exclusive right to issue bank-notes within the European Community. The national central banks would be the sole subscribers to and holders of the capital of the ECB. The funding formula for the ECB would be based both on a Member State's population and on its gross domestic product. The ECB will form, together with the national central banks, the European System of Central Banks. See: Maastricht Treaty.
  • European Coal and Steel Community - See: European Community.
  • European Coal and Steel Community - The ECSC (French: Communaute Europeenne du Charbon et de l'Acier, CECA) undertakes activities to operate a common market in coal and steel; to remove barriers to trade in coal, coke, steel, pig-iron, and scrap iron
  • European Commission - One of the five major institutions of the European Community, the Commission is responsible for ensuring the implementation of the Treaty of Rome and Community rules and obligations; submission of proposals to the Council of Ministers; execution of the Council's decisions; reconciliation of disagreements among Council members; administration of EC policies, such as the Common Agricultural Policy and coal and steel policies; taking necessary legal action against firms or member governments; and representing the Community in trade negotiations with non-member countries.
  • European Committee for Electrotechnical Standardization - The European Committee for Electrotechnical Standardization, CENELEC, is a non-profit-making international organization under Belgian law. CENELEC seeks to harmonize electrotechnical standards published by the national organizations and to remove technical barriers to trade that may be caused by differences in standards. CENELEC members include: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.
  • European Committee for Standardization - The European Committee for Standardization, or CEN (from Comite Europeen de Normalisation), is an association of the national standards organizations of 18 countries of the European Economic Communities (EEC) and of the European Free Trade Association (EFTA). CEN membership is open to the national standards organization of any European country which is, or is capable of becoming, a member of the EEC or EFTA. CEN develops voluntary standards in building, machine tools, information technology, and in all sectors excluding the electrical ones covered by CENELEC. CEN is involved in accreditation of laboratories and certification bodies as well as quality assurance.
  • European Community - A regional organization created in 1958 providing for gradual elimination of intraregional customs duties and other trade barriers, applying a common external tariff against other countries, and providing for gradual adoption of other integrating measures, including a Common Agricultural Policy (CAP) and guarantees of free movement of labor and capital. The original 6 members were Belgium, France, West Germany, Italy, Luxembourg, and the Netherlands. Denmark, Ireland, and the United Kingdom became members in 1973; Greece acceded in 1981; Spain and Portugal in 1986. The term European Community (EC) refers to three separate regional organizations which operate under separate treaties: - European Coal and Steel Community (ECSC), established in 1952 - European Atomic Energy Community (EURATOM), established in 1958, and - European Economic Community (EEC), established in 1958. Since 1967, the European Community have been served by four common institutions -- the EC Commission, the EC Council, the European Parliament, and the Court of Justice of the European Community. The present 12 member states of the EC are also members of the ECSC and Euratom. While the expression "European Community" (or "EC") was meant to refer to the three Communities, frequent use of the expression "European Community" (or "EC") has become common as a reference to the European Economic Community (EEC). Prior to November 1, 1993 (the date on which the Maastricht Treaty on European Union entered into force), the acronym "EC" was used as a reference to "European Community" and "European Communities. " Part I, Article I of the Maastricht Treaty on European Union formalized "EC" as a reference to "European Community. " The Treaty also introduced the term "European Union" as a broader legal entity than the European Community. See: European Coal and Steel Community European Union.
  • European Community (EC) - Coming into operation in 1958 and based on the Treaty of Rome, the EC originally consisted of the following countries who joined together to establish a customs union and other forms of economic integration: France, Italy, the Federal Republic of Germany, Belgium, the Netherlands and Luxembourg. The United Kingdom, Denmark and Ireland joined in 1973. Greece joined in 1981, followed by Portugal and Spain in 1986.
  • European Conference of Postal and Telecommunications Administrations - See: Conference Europeenne des Administrations des Postes et des Telecommunications.
  • European Cooperation for the Long-term in Defense - EUCLID is a coordinated defense R&D initiative which was approved in a June 1989 meeting of the Independent European Program Group (IEPG). EUCLID was designed to overcome deficiencies in European defense R&D spending, minimize individual nation's duplicative efforts, improve planning, and overcome legal and administrative obstacles. EUCLID is divided into 11 technological categories: (a) modern radar technology, (b) microelectronics, (c) composite structures, (d) modular avionics, (e) electric gun, (f) artificial intelligence, (g) signature manipulation, (h) opto-electronic devices, (i) satellite surveillance technologies (including verification), (j) underwater acoustics, and (k) "human factors," including technology for training and simulation. Each of the 11 categories is assigned a lead coordinating nation.
  • European Court of Justice - The ECJ, located in Luxembourg, was established in 1958 to support interpretation and application of European Community law. The Court has jurisdiction to settle actions brought by: (a) the Commission against member states for failing to implement EC legislation, (b) the member states against EC institutions, referrals for interpreations from national courts where a question of EC law is at issue, and individuals under a provision of EC law.
  • European Currency Unit - The ecu is a "basket" of specified amounts of each E. C. currency. Amounts were determined according to the economic size of EC members, all of whose currencies participate in the ecu basket. In the European Monetary System (EMS), the ecu is used as a basis for setting central rates in the exchange rate mechanism, as an accounting unit, and as a reserve instrument and means of settlement among EMS central banks. The ecu is not used by persons. Under provisions of the Maastricht Treaty, the ecu is scheduled to be adopted as the single European currency in Stage III of European Monetary Union (by 1999 at the latest). The composition of the basket comprising the ecu was frozen on November 1, 1993 in accordance with a provision of the Maastricht Treaty which entered into force also on November 1. See: Maastricht Treaty.
 
 
 
 
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