The dominant currency used in the European Union is the euro (€). The euro was introduced in 1999 and is used by 19 of the 27 EU member states, forming a part of the Eurozone. It was created to facilitate trade and economic stability among member countries by providing a common currency. The euro simplifies currency transactions for businesses and travelers within the Eurozone and aims to integrate the economies of its member nations. As one of the world's leading currencies, the euro plays a significant role in global finance and trade.