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. Although these were widely seen to presage a "federal Europe", the focus of constitutional debate shifted to the later 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.
Against the background of the end of the Cold War and the re-unification of Germany, and in anticipation of accelerated globalisation, the treaty negotiated tensions between member states seeking deeper integration and those wishing to retain greater national control. The resulting compromise faced what was to be the first in a series of EU treaty ratification crises.
1992Feb, 7
The Maastricht Treaty is signed, leading to the creation of the European Union.
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Events on 1992
- 1Feb
Bhopal disaster
The Chief Judicial Magistrate of Bhopal court declares Warren Anderson, ex-CEO of Union Carbide, a fugitive under Indian law for failing to appear in the Bhopal disaster case. - 1Mar
Socialist Federal Republic of Yugoslavia
Bosnia and Herzegovina declares its independence from Socialist Federal Republic of Yugoslavia. - 2Mar
United Nations
Armenia, Azerbaijan, Kazakhstan, Kyrgyzstan, Moldova, San Marino, Tajikistan, Turkmenistan and Uzbekistan join the United Nations. - 27Apr
International Monetary Fund
The Russian Federation and 12 other former Soviet republics become members of the International Monetary Fund and the World Bank. - 23Jul
Pope Benedict XVI
A Vatican commission, led by Joseph Ratzinger, establishes that limiting certain rights of homosexual people and non-married couples is not equivalent to discrimination on grounds of race or gender.