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ECTS is a performance credit system which makes it possible to measure international academic achievements and examination prerequisites and facilitates their recognition at the student’s home university. ECTS was developed under the Erasmus programme. ECTS is based on performance credits which reflect the expected workload on students and are allocated to individual modules or courses. In addition to performance credits, ECTS applies the following instruments: information package, learning agreement, transcript of records and ECTS grades. A new feature: ECTS is now a European Credit Transfer and Accumulation System according to the EU Commission Key Features (as of 11 February 2003).