The full name of the currency used in the European Union is the Euro. Introduced in 1999, the Euro became the official currency for the Eurozone countries, which include 19 of the 27 EU member states. Its introduction aimed to foster economic stability and ease trade among member countries, eliminating the need for currency conversion and facilitating cross-border transactions. The Euro is symbolized by "€" and is managed by the European Central Bank. It has evolved to become one of the world's most significant currencies, representing a major component of international finance and trade in a globalized economy.