With the Maastricht Treaty, the European Economic Community (EEC), which was created on March 25, 1957, in Rome, became the European Community (EC), one of the main institutions of the newly established European Union (EU).
It Was Signed by 12 Countries
The Maastricht Treaty was signed by 12 countries, which became the first member states of the newly created European Union:
- Germany
- Belgium
- Denmark
- Spain
- France
- Greece
- Ireland
- Italy
- Luxembourg
- Netherlands
- Portugal
- United Kingdom
Since then, many other countries have joined the EU:
- Austria
- Sweden
- Finland
- Cyprus
- Czech Republic
- Estonia
- Hungary
- Latvia
- Lithuania
- Malta
- Poland
- Slovakia
- Slovenia
- Bulgaria
- Romania
The most recent country to join the European Union was Croatia in 2013, bringing the total number of member states to 28. However, at the end of 2020, with Brexit, the United Kingdom left the European Union, reducing the number of member states back to 27.
Maastricht Treaty Is Based on Three Pillars
The EEC (European Economic Community) was originally founded on three communities:
- The European Community
- The European Coal and Steel Community
- The European Atomic Energy Community
With the signing of the Maastricht Treaty, these three communities became part of the European Union, which was now structured around three main pillars:
- The European Community (replacing the EEC), which falls under community action.
- The Common Foreign and Security Policy (CFSP).
- Police and Judicial Cooperation in Criminal Matters (JHA), both of which are based on intergovernmental cooperation.
Maastricht Treaty Recognized European Citizenship for the First Time
Although European citizenship remains dependent on national citizenship, which is determined by individual member states, its introduction through the Maastricht Treaty marked a crucial milestone.
As a result, every European citizen now has the right to choose their country of residence, move freely within the European Union, and enjoy specific rights, such as:
- The right to petition the European Parliament.
- The right to vote and stand for election in European and municipal elections in the country of residence.
- The ability to appeal to the European Ombudsman in case of disputes.
Maastricht Treaty Laid the Foundations for the Single Currency: Euro
Article 3 of the Treaty on European Union states:
The Union shall offer its citizens an area of freedom, security and justice without internal frontiers, in which the free movement of persons is ensured in conjunction with appropriate measures with respect to external border controls, asylum, immigration and the prevention and combating of crime.
The idea of establishing a single currency—initially called the ECU—shared by all European Union member states did not originate with the Maastricht Treaty. However, the treaty outlined in Part 1, Paragraph 3, and Part 3 the three key stages required to achieve this goal:
- From January 1, 1990, to December 31, 1993: Free movement of capital between member states.
- From January 1, 1994, to December 31, 1998: Economic policies were aligned among member states by limiting budget deficits and public debt, reducing inflation, interest rates, and exchange rate fluctuations, and strengthening coordination of monetary policies. The European Monetary Institute (EMI), established in 1994, played a central role in this process.
- From January 1, 1999, to today: Introduction of a single currency, ultimately named the Euro, its gradual implementation, and the establishment of the European Central Bank (ECB) to manage the common monetary policy.