What is the 'Maastricht Treaty'
The Maastricht Treaty is the treaty that is responsible for the creation of the European Union, signed in Maastricht, a city in the Netherlands. The Maastricht Treaty was signed on February 7, 1992, by the leaders of 12 member nations, and it reflected the serious intentions of all countries to create a common economic and monetary union.
Also known as the Treaty on European Union.
BREAKING DOWN 'Maastricht Treaty'
The Maastricht Treaty aimed at unifying policies of defense, currency and citizenship among all member nations. The treaty required voters in each country to approve the European Union, which proved to be a hotly debated topic in many areas. The agreement took effect on November 1, 1993, with the creation of the European Union and has since been amended by other treaties.