A link to ℤ's current month page — {{Znow}} gives Z/August (2026) — with an optional label:
{{Znow}} → [[Z/August (2026)]]
{{Znow|the latest zeets}} → [[Z/August (2026)|the latest zeets]]
It does not simply name this month. If that page has not been started yet it walks backwards a month at a time, up to a year, and links the most recent one that exists — so the link is never red, and on the 1st of a month it still points at something worth reading. That matters more for ℤ than for 𝕐, which has a page for every month; ℤ does not.
Template:Zm does the counting. The twin of Template:Ynow, which does the same for 𝕐.