The main currency used in the European Union is the euro (€). It was introduced in 1999 as an electronic currency and became physical cash in 2002. The euro is used by 19 of the 27 EU member states, collectively known as the Eurozone. The objective of the euro is to facilitate trade and economic stability among member countries, simplifying transactions and travel within Europe. The European Central Bank manages the euro, ensuring its value and overseeing monetary policy in the Eurozone.