Currency board the Deutsche Mark from 1992 to 1999 when it switched to fixing to the Euro at par. The peg to the Euro was upheld until January 2011 with Estonia's adoption of the Euro. This policy is seen as a mainstay of that country's subsequent economic success (see Economy of Estonia for a detailed description of the Estonian currency board). Argentina abandoned its currency board in January 2002 after a severe recession. To some, this emphasised the fact that currency boards are not irrevocable, and hence may be abandoned in the face of speculation by foreign exchange traders. However, Argentina's system
European Currency Unit A common theme on the coins was usually celebrating European unity, such as celebrating membership of the European Union. In 1989, the government of the Netherlands issued a series of ECU coins from ₠2½ to ₠200, which could be spent in shops in The Hague, during the European Capital of Culture festival. Gibraltar issued commemorative coins from 1993 through 1996. 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