Glossary

General Glossary

U

Uncirculated banknote 

New banknote which has not been put into circulation.

Unit labour costs 

Measurement of total labour costs per unit of output calculated for the euro area as the ratio of total compensation per employee to GDP at constant prices per person employed.

Unit linked 

A life insurance policy in which the customer or policyholder assumes the risk of the investments made by the insurance company using their premiums. The premiums paid are usually placed in shares in investment funds.

Unusable banknote 

A banknote that a central bank considers unsuitable for circulation due to its bad state of use. The central bank that removes the banknotes from circulation is responsible for their destruction.

Usable banknote 

A used banknote that the central bank considers suitable for circulation.

UV 

Abbreviation of ultraviolet. UV properties are incorporated into euro notes.