Question

Discuss the Maastricht Treaty. What did it accomplish?

Answer 1

The Maastricht Treaty (more formally referred to as the Treaty on European Union, or TEU) was signed in February 1992. It established the European Union (EU), enlarged the scope of Community competence and further refined the law-making process, in particular, by increasing the European Parliament's powers.The most visible impact of the TEU was the creation of a single currency, the euro. This pledged Member States to full economic and monetary union, including the creation of a single currency, although it included 'opt-out' provisions for the UK and Denmark. The euro was eventually introduced in January 1999, although euro notes and coins did not go into circulation until January 2002.

The Treaty came into effect on 1 November 1993; it renamed the EEC as the European Community and the Treaty of Rome as the 'Treaty establishing the European Community' (often referred to as the 'EC Treaty

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