The currency of the proposed European Monetary Union is the Euro. The Euro is the official currency of several European Union (EU) member states, and it was introduced in 1999 as an electronic currency for financial transactions. Euro banknotes and coins were later introduced in 2002.

The Euro is currently used by 19 out of the 27 EU member states. These countries form the Eurozone, a monetary union that shares a common currency and monetary policy. Some of the countries using the Euro include Germany, France, Italy, Spain, and the Netherlands.

The introduction of the Euro aimed to facilitate trade and economic integration among European countries, eliminate currency exchange costs and uncertainties, and create a more stable and integrated financial market within the Eurozone.

It`s worth noting that not all EU member states have adopted the Euro as their currency. Some countries, like the United Kingdom, Sweden, and Denmark, have chosen to maintain their own currencies.