Question

What was the former name of the currency of Europe, now known as the Euro?
A. E-Mark
B. ECU
C. Dollar
D. Sterling

Answer 1

Hint: There are a total of 27 members in the European Union. Out of those, 19 members have the Euro as their currency. This is known as the eurozone and has replaced the earlier currency units, brought in more uniformity and stabilization and created more integrated economies across Europe.

Complete answer: The Euro currency was introduced only in 1999 in the European Union. Prior to that, the currency unit in use was the European Currency Unit abbreviated as ECU. ECU was introduced in 1979 and had replaced the European Unit of Account.

Let’s look at the options;
Option A- E-Mark is the name given to the digital money or cryptocurrency. This currency is growing in demand due to the proofing it provides from manipulation. But this is not the official currency of Europe and has not replaced the circulation cash currency. So this is an incorrect option.
Option B- ECU or the European Currency Unit was the currency in circulation before the Euro, from 1979 to 1999. Therefore, this is the correct answer.
Option C- Dollar has never been the currency in use in European countries. The variants of the dollar are the US dollar, the Australian Dollar, Hong Kong Dollar etc. Therefore, this is an incorrect option.
Option D- Sterling is another name for Pound Sterling which is the official currency of the United Kingdom. Therefore, this is an incorrect option.
Thus, option (B) is the correct answer.

Note: It is not compulsory for any country who is a part of the European Union to adopt Euro as the currency. That is why the United Kingdom kept Pound Sterling as its currency even while being a part of the European Union as it suited its economy better.