ECTS
Link to ECTS http://europa.eu.int/comm/education/info.html

What are ECTS credits?
ECTS credits are a numerical value (between 1 and 60) allocated to course units to describe the student workload required to complete them. They reflect the quantity of work each course unit requires in relation to the total quantity of work necessary to complete a full year of academic study at the institution, that is, lectures, practical work, seminars, tutorials, fieldwork, private study - in the library or at home - and examinations or other assessment activities. ECTS is thus based on a full student workload and not limited to contact hours only.
ECTS credits are a relative rather than an absolute measure of student workload. They only specify how much of a year's workload a course unit represents at the institution or department allocating the credits.

In ECTS, 60 credits represent the workload of an academic year of study and normally 30 credits for a semester and 20 credits for a term.

ECTS - How is it calculated?
Here is the counting of working hours and credits, according to ECTS system:
* working hours per year: a range going from 1680 (40 hours per week X 42 weeks) to 1800 - 2000 - 2200 (maximum amount allowed but to be avoided) 
* 1 contact hour (i.e. a lesson with teacher in class) = 1,5 study hour (individual work) 
* 1,5 study hour = 6 pages 
* 25/30 working hours = 1 credit 
Example on a study programme of 1800 working hours:
Activities
hours
pages 
credits
contact hours
720

24
individual study hours
1080

36
Total
1800
6.480