Estonian kroon 1500 rubles to 150 krooni.) Initially, the Estonian kroon was pegged to the Deutsche Mark at a rate of 8 krooni = 1 Deutsche Mark. After the introduction of the euro the fixed exchange rate of 1.95583 DEM to EUR led to an exchange rate of 15.64664 krooni to the euro. On 28 June 2004, as Estonia joined the ERM II-system, the central parity of the Estonian kroon was revalued (by less than 0.001%) to 15.6466 krooni per euro. On 1 January 2011 the euro replaced the kroon as the official currency of Estonia. The kroon circulated alongside the euro
European Currency Unit European Currency Unit The European Currency Unit (₠ or ECU, ) was a basket of the currencies of the European Community member states, used as the unit of account of the European Community before being replaced by the euro on 1 January 1999, at parity. The ECU itself replaced the European Unit of Account, also at parity, on 13 March 1979. The European Exchange Rate Mechanism attempted to minimize fluctuations between member state currencies and the ECU. The ECU was also used in some international financial transactions, where its advantage was that securities denominated in ECUs provided investors with the