The basic unit of currency in the European Union is the euro (€). Introduced in 1999, the euro is used by 19 of the 27 EU member states, collectively known as the Eurozone. It was established to facilitate economic cooperation and trade among member countries, providing a single currency that simplifies transactions. The euro is managed by the European Central Bank, which regulates monetary policy. It also plays a significant role in global finance as one of the world's prominent currencies, influencing international trade, investments, and exchanges.