Official European currency units (ECUs) were introduced over eleven years ago to serve as a reserve asset and means of settlement for central banks in the European Community. In that time the ECU has rapidly developed in private markets to become a major currency in trade and finance. This note updates an earlier review of ECU financial activity and looks at developments in ECU banking business within Europe and more particularly London during 1989 and the first quarter of 1990. The note also summarises the performance of ECU bond markets in the same period, focusing largely on developments in the first quarter of 1990.
ECU banking and bond market developments