L'Ecu, devise de l'Europe, devise de facturation et de financement des échanges agro-alimentaires

Abstract

The use of the european currency unit as an invoicing and financing currency for the agricultural food trade - Introduced in March 1979 by the European Monetary System, the European Currency Unit has become a fundamental instrument of European monetary integration. Paradoxically, although public use of the Ecu has progressed only slightly over the past seven years, its official backing has led to a spectacular development of the Ecu as a Euro-currency : its unique characteristics have made it the most stable currency at the present time, in terms of exchange rates and interest rates, with regard to other EEC currencies and also non-EEC currencies. The Ecu has become a privileged medium for international finance operations and is widely used by the multinationals as a financing and invoicing currency. It is curious to note that the agricultural foodstuff sector, which was the first to be concerned by Ecu (as an accounting unit for Common Agricultural Policy aid amounts and for the Community budget), still only uses the Ecu on a restriced level, despite the fact that the regulations applied in agricultural trading make it a valuable tool for the operators. The generalization of the Ecu as an invoicing and financing currency for the agri-business in Europe would considerably contribute to resboring the unity of the agricultural common market.