The basic unit of currency in Europe prior to the Euro was the European Currency Unit (ECU), which was used from 1970 until the introduction of the Euro in 1999. Before the Euro's establishment, many European nations had their own currencies, such as the French franc, German mark, and Italian lira. The ECU served as a weighted basket of these currencies to facilitate easier trade and financial transactions among member states of the European Community. The transition to the Euro was a significant step in European integration, creating a single currency used by 19 of the 27 European Union member countries today.