The currency used in the European Union is the euro (€). The euro was introduced in 1999 and later became the official currency for 12 of the 15 member countries in 2002, replacing their national currencies. It serves as a unifying monetary system for the Eurozone, which currently consists of 19 of the 27 European Union member states. The euro facilitates easier trade and travel between countries due to a shared currency, eliminating the need for currency exchange. The European Central Bank (ECB) manages the euro and aims to maintain price stability and support economic growth across the region.