The Maastricht Treaty

The Maastricht Treaty

The Maastricht Treaty is the agreement that laid the foundation for the European Community (EC) to evolve beyond simple market integration into a political and economic union.

 

In December 1991, the twelve member states of the EC agreed in Maastricht, the Netherlands, to establish a new European Union (EU). The treaty was formally signed at the EC Foreign Ministers’ Meeting in February 1992 and ratified by each member state. It entered into force in November 1993. Its official name is the Treaty on European Union (TEU).

 

At the time, the twelve EC member states were:
Belgium, Denmark, Germany, Greece, Spain, France, Ireland, Luxembourg, Italy, the Netherlands, Portugal, and the United Kingdom.

 

The treaty’s key objectives included the creation of the European Central Bank, the achievement of Economic and Monetary Union (EMU) with a single currency, the development of a common defense policy, the introduction of European Union citizenship, and enhanced cooperation in justice and internal security.

 

 

As a result, the European Community officially changed its name to the European Union and began a new phase of integration, including the gradual introduction of a single currency. The treaty also led to agreements on establishing a European police organization, creating cohesion funds to reduce economic disparities among member states, and strengthening the role of the European Parliament through expanded investigative powers, the right of petition, and enhanced cooperation procedures.