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In the case of intra-EU trade, statistical reporting is only compulsory for exporting <strong>and</strong><br />
importing firms whose trade exceeds a certain annual value. This threshold varies<br />
considerably from country to country, but it is typically about ECU 100,000. Statistical<br />
information on trade within the EU is consequently underestimated <strong>and</strong> must be carefully<br />
interpreted.<br />
In this survey the ECU is used as currency although the EU countries all have still their<br />
own currencies. The ECU (European Currency Unit) is a monetary instrument used by<br />
financial institutions to simplify financial procedures. It is the aggregate valuation of the<br />
12 original EU member currencies. Each currency has an equivalent value in ECU<br />
according to the value of the particular currency. On January 1, 1998, the exchange rate of<br />
ECU 1 amounted to US$ 1.10. The economic <strong>and</strong> financial policy of the EU will be further<br />
centralised through the establishment of the Central European Bank, in January 1999. A<br />
single currency, the ‘Euro’, will be introduced by January 2002. The Euro will replace the<br />
ECU, which at present is only used as a calculating unit. By mid-2002, all national<br />
currencies should be replaced by Euro’s.<br />
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