On November 1996, after the appropriate preparatory work, the Rector of University of Macedonia, Thessaloniki, Greece, Professor Yannis Tsekouras, took the initiative to invite in Thessaloniki Rectors of Economic Universities, Heads of Economic Departments and Deans of Economic Faculties so as to establish the Association of South Eastern Europe Economic Universities (ASECU). The invitation was sent to Universities of Albania, Bosnia-Herzegovina, Bulgaria, Former Yugoslav Republic of Macedonia, Greece, Romania and Yugoslavia.
At the beginning 24 Universities of the previously mentioned countries corresponded, and these later composed the founding members of the Association. In the founding meeting the Statute was being approved and also was decided the enlargement of the Association to the Economic Universities of the other South Eastern Europe countries.
By decision taken in General Assembly of 2007, the Association was modified in Association of Economic Universities of South and Eastern Europe and the Black Sea Region. Also it was decided the acceptance as Associated members, Universities from the Middle East and North-Eastern Africa (article 4 §4 of Statute). This decision was taken in response to expressions of interest in joining the Association from economic universities in countries from these regions.
Presently, forty eight Universities are active members of ASECU. Forty four as regular members from Albania, Armenia, Bosnia-Herzegovina, Bulgaria, Former Yugoslav Republic of Macedonia, Greece, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Turkey and Ukraine and four as associated members from Egypt and Lebanon.
The seat of the Association is Thessaloniki, where the Secretariat of the Association is also based. The offices of the Board of Governors of the Association are situated at the place where the incumbent president of the Board exercises her/his academic activities.