What is ECTS?
ECTS, the European Union Course Credit Transfer System, was developed by the Commission of the European Union in order to provide common procedures to guarantee academic recognition of studies abroad. It provides a way of measuring and comparing learning achievements, and transferring them from one institution to another.
The ECTS system is based on the principle of mutual trust and confidence between the participating higher education institutions. The few rules of ECTS, concerning Information (on courses available), Agreement (between the home and host institutions) and the use of Credit Points (to indicate student workload) are set out to reinforce this mutual trust and confidence. Each ECTS department will describe the courses it offers not only in terms of content but also adding credits to each course.
ECTS Credits
ECTS credits are a value allocated to course units to describe the student workload required to complete them. They reflect the quantity of work each course requires in relation to the total quantity of work required to complete a full year of academic study at the institution, that is, lectures, practical work, seminars, private work -- in the laboratory, library or at home -- and examinations or other assessment activities.
In ECTS, 60 credits represent one year of study (in terms of workload); normally 30 credits are given for six months (a semester) and 20 credits for a term (a trimester).
ECTS credits are also allocated to practical placements and to thesis preparation when these activities form part of the regular programme of study at both the home and host institutions.
ECTS credits are allocated to courses and are awarded to students who successfully complete those courses by passing the examinations or other assessments.
ECTS Grading Scheme
Examination and assessment results are usually expressed in grades. There are many different grading systems in Europe. To help institutions translate the grades awarded by host institutions to ECTS students, the ECTS grading scale has been developed. This provides additional information on the student's performance to that provided by the institution's grade, but does not replace the local grade. Higher education institutions make their own decisions on how to apply the ECTS grading scale to their own system.

ECTS grade	Percentage of successful students normally achieving the grade	Definition
A	10	EXCELLENT - outstanding performance with only minor errors
B	25	VERY GOOD -above the average standard but with some errors
C	30	GOOD -generally sound work with a number of notable errors
D	25	SATISFACTORY- fair but with significant shortcomings
E	10	SUFFICIENT - performance meets the minimum criteria
FX	-	FAIL- some more work required before the credit can be awarded
F	-	FAIL- considerable further work is required

 

http://europa.eu.int/comm/education/programmes/socrates/guide-en.doc