The European Credit Transfer System (ECTS) was developed by the Commission of the European Community to improve academic recognition for study abroad.
ECTS is an instrument to guarantee full academic recognition of studies abroad. In itself, ECTS in no way regulates the content, structure or equivalence of study programmes. The system makes it easier for institutions to recognise the learning achievements of students through the use of commonly understood measurements – credits and grades – and it also provides a means to interpret national systems of higher education. However, it does not regulate the content or structure of the study programmes.
More information: http://ec.europa.eu/education/ects/ects_en.htm