On 1 November 1993, the Treaty on European Union, known as the Maastricht Treaty, enters into force. It officially creates the European Union and gives European integration a new political and economic framework.
The document was signed on 7 February 1992 in Maastricht, the Netherlands, by representatives of the 12 then member states of the European Community: Belgium, Denmark, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, the United Kingdom, Portugal, France and Spain.
The path to the single currency
The Maastricht Treaty does not introduce the euro immediately, but sets out successive steps for the establishment of an economic and monetary union. It sets requirements for countries that want to adopt the common currency. These include low inflation, limited budget deficits, sustainable public debt, a stable exchange rate and close long-term interest rates.
The euro initially existed as a cashless currency since 1 January 1999. Banknotes and coins were put into circulation on 1 January 2002 in 12 countries. Thus, the 1993 treaty laid the legal basis, but the actual introduction of the common money took place at a later stage.
The European Central Bank defines the treaty as the basis for the creation of the single currency and for the construction of the institutional system that should guarantee price stability.
More than an economic project
The treaty also changes the political architecture of the continent. The European Economic Community was renamed the European Community, and a common foreign and security policy, as well as cooperation in the fields of justice and home affairs, were added.
The document introduced citizenship of the European Union. It gave citizens of the member states additional rights, including the opportunity to vote and stand as candidates in local and European elections in another member state in which they live.
The role of the European Parliament was also expanded. The institution received more powers in the legislative process, and the treaty laid the foundations for the codecision procedure between the Parliament and the Council.
The text stated the goal of building an "ever closer union among the peoples of Europe". Three decades later, this formulation remains associated with one of the most important turning points in the history of European unification.
Sources: history.com, theguardian.com