What is the new currency used by members of the European Union?

The Euro is the official currency used by most members of the European Union. Introduced in 1999 for electronic transactions and later in physical form in 2002, the Euro was created to facilitate easier trade and economic stability among member nations. It allows for seamless currency exchange and transactions across multiple countries, eliminating the complexities of dealing with multiple currencies. Countries using the Euro are part of the Eurozone, which aims to maintain economic integration and stability within the region. This shared currency has become an important element of the EU's economic framework, influencing policies and facilitating cross-border trade and investment among its member states.