Transactions occurred in gold and silver coins of other countries, whereas the official unit of account was the franc of the Latin Monetary Union.
42.
No penny is currently formally subdivided, although mill ( 1 / 10?) remains in use as a unit of account in some contexts.
43.
On Jan . 1, 1999, the European Central Bank will begin its operations, creating for the first time Euros as a unit of account.
44.
While the euro is currently just a commercial unit of account and exchange, euro coins and cash will start passing through people's hands in 2002.
45.
Most basic economic textbooks give three main functions of money : as a medium of exchange, a unit of account and a store of value.
46.
Indexes such as GDP and the CPI are so broad in their scope that compiling them would be impossible without a standard unit of account.
47.
Whilst all market participants are free to use any unit of account that they prefer, most markets have only a few widely accepted units of account.
48.
Units of account would often survive over 100 years despite the original coins changing composition and availability ( e . g . the Castilian maravedi ).
49.
In its recent Green Paper, the commission endorsed making the single currency the unit of account for central banks and some commercial banks from the start.
50.
Whilst all market participants are free to use any unit of account that they prefer, most markets have only a few widely accepted units of account.
