Maastricht Treaty

The Maastricht Treaty, concluded in 1992 between the twelve member states of the European Communities, established the foundation of the European Union and introduced several key provisions, including shared European citizenship, a single currency, and common foreign and security policies. The treaty also strengthened the powers of the European Parliament and introduced more majority voting on the Council of Ministers. The treaty's provisions for economic and monetary union, including the eventual introduction of a single currency, were seen as a significant step towards a more integrated Europe. The treaty's Maastricht criteria, which outline the conditions for participating in the single currency, have become a key reference point in the wake of the Eurozone debt crisis.learn more on wikipedia