Abstract. Let K be an imaginary quadratic field and let F be an abelian
extension of K. It is known that the order of the class group ClF of F is equal
to the order of the quotient UF /ElF of the group of global units UF by the
group of elliptic units ElF of F. We introduce a filtration on UF /ElF made
from the so-called truncated Euler systems and conjecture that the associated
graded module is isomorphic, as a Galois module, to the class group. We
provide evidence for the conjecture using Iwasawa theory.