[November 1, 1993] This Day In History: European Union goes into effect

The Maastricht Treaty comes into effect, formally establishing the European Union (EU). The treaty was drafted in 1991 by delegates from the European Community meeting at Maastricht in the Netherlands and signed in 1992. The agreement called for a strengthened European parliament, the creation of a central European bank, and common foreign and security policies. The treaty also laid the groundwork for the establishment of a single European currency, to be known as the “euro.”