European Integration: From Maastricht to Brexit

The Maastricht Treaty, signed in 1992, formally established the European Union, replacing the earlier European Economic Community. It laid the foundations for European economic and monetary union, including fiscal and macroeconomic convergence criteria, established European citizenship, and expanded community competencies in foreign and security policy. The euro was introduced as a single currency for electronic transactions in 1999, entering physical circulation in 2002 in participating countries, and the European Central Bank was established as the institution responsible for the eurozone's single monetary policy.