The name of the currency used in the European Union is the Euro (€). Introduced in 1999 as an electronic currency and later as physical banknotes and coins in 2002, the Euro is used by 19 of the 27 EU member countries, collectively known as the Eurozone. It was created to facilitate trade and economic stability among members, promoting closer financial integration. The Euro acts as a common monetary policy managed by the European Central Bank (ECB). Despite some challenges, such as economic disparities among member states, the Euro remains significant in global finance and commerce, reflecting Europe's collective economic strength.