Maastricht Treaty
Also known as TEU, Treaty of Maastricht, Treaty on European Union
Founding treaty of the European Union, signed in 1992 and effective from 1993
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The Maastricht Treaty is the founding document that established the European Union, signed in 1992 and put into effect the following year. It matters because it created the framework for European countries to work together politically and economically in a unified organization that continues to shape European affairs today.
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The Treaty on European Union, commonly known as the Maastricht Treaty, is the foundation treaty of the European Union (EU). Concluded in 1992 between the then-twelve member states of the European Communities, it announced "a new stage in the process of European integration" chiefly in provisions for a shared European citizenship, for the eventual introduction of a single currency, and (with less precision) for common foreign and security policies, and a number of changes to the European institutions and their decision-making procedures, not least a strengthening of the powers of the European Parliament and more majority voting on the Council of Ministers. Although these were seen by many to presage a "federal Europe", key areas remained inter-governmental with national governments collectively taking key decisions. This constitutional debate continued through the negotiation of subsequent treaties (see below), culminating in the 2007 Treaty of Lisbon.
In the wake of the Eurozone debt crisis unfolding from 2009, the most enduring reference to the Maastricht Treaty has been to the rules of compliance – the "Maastricht criteria" – for the currency union.