The unit of currency in the European Union is the Euro (€). Introduced in 1999 for electronic transactions and rolled out in physical form in 2002, the Euro is used by 19 of the 27 EU member states, collectively known as the Eurozone. The currency facilitates easier trade and travel among member countries, eliminating the need for currency exchange in participating nations. The Euro is managed by the European Central Bank (ECB), which aims to maintain price stability and financial stability within the Eurozone. Its introduction marked a significant step in European integration and economic cooperation.