The official currency of the European Union is the euro (€), which was introduced in 1999 and became the physical currency in 2002. The euro serves as the common currency for 19 of the 27 EU member states, collectively known as the Eurozone. It simplifies trade and travel across these member countries by eliminating the need for currency exchange, thereby promoting economic stability and integration. The euro is managed by the European Central Bank, which is responsible for monetary policy within the Eurozone. Its adoption represents a significant step towards European economic unity.