The term "Eur" refers to the currency used by the member countries of the Eurozone, which is part of the European Union. The euro symbol (€) represents this currency, which was introduced in 1999 for electronic transactions and became physical cash in 2002. The euro aims to facilitate trade and economic stability among its member nations. The European Central Bank (ECB) manages the euro and sets monetary policy for the Eurozone. As of 2023, the euro is one of the most widely used currencies in the world, second only to the United States dollar in terms of global reserves and transactions.