The most commonly used currency in Europe is the euro (€). Adopted by 19 of the 27 European Union members, the euro is the official currency of the Eurozone. It was introduced in 1999 for electronic transactions and in 2002 for cash transactions, replacing various national currencies. The euro facilitates trade and economic stability among member nations, eliminating currency exchange issues. Managed by the European Central Bank, it plays a crucial role in the global economy, being one of the most widely traded currencies in the world alongside the US dollar.