Since I have seen a variety of fonts being used, I would say there isn’t one standard.
I usually use Arial Rounded MT Bold on mine.
Just a quick google found the following information:
Here’s the official text from the Conventions on Road Traffic from 1969 that describes the design of the stickers. Probably more than anyone ever wanted to know about oval, euro stickers!
ANNEX 4. DISTINGUISHING SIGN OF VEHICLES IN INTERNATIONAL TRAFFIC
1. The distinguishing sign shall be composed of one to three letters in capital Latin characters. The letters shall have a minimum height of 80 mm. (3.1 in.) and their strokes a width of 10 mm. (0.4 in.). The letters shall be painted in black on a white ground of elliptical form with the major axis horizontal.
2. If the distinguishing sign is composed of three letters, the dimensions of the ellipse shall be at least 240 mm. (9.4 in.) in width and 145 mm. (5.7 in.) in height. The dimensions may be reduced to 175 mm. (6.9 in.) in width and 115 mm. (4.5 in.) in height if the sign carries less than three letters.
As regards the distinguishing signs for motorcycles, the dimensions of the ellipse, whether the sign is composed of one, two or three letters, may be reduced to 175 mm. (6.9 in.) in width and 115 mm. (4.5 in.) in height.
– See more at:
http://www.stickercafe.com/ovalstickerhistory.htm