THE EUROPEAN PERSPECTIVE ON THE COMPOSITION AND VARIABILITY OF THE ECU
分析1979年建立的欧洲货币单位（ECU）在1984年和1989年两次调整货币篮子构成后，对各国货币的稳定性变化，发现对部分货币更稳定、对另一些则更不稳定。
In 1979 the Ecu was established as a currency basket including the currencies of the nine EC‐member countries at that time. Its composition was modified in 1984 and again in 1989 by increasing the number of currencies in the basket to 10 and 12 respectively. The results of our analysis show that the Ecu has become consistently less variable with each change in its composition, when expressed in terms of the Greek drachma, Italian lira, Portuguese escudo, Spanish peseta, and to a lesser extent the British pound. However, the Ecu has become consistently less stable with respect to the German mark and the Dutch guilder. The results were mixed for the Belgian/Luxembourg franc, French franc, Irish punt and Danish krone.