Maastricht Treaty

The Maastricht Treaty was agreed by the countries of the European Union (EU) in December 1991, became effective in 1993 and aimed at strengthening European integration. The participating nations reached an agreement about the creation of an Economic and Monetary Union (EMU) and the introduction of a single currency called the 'euro'.  With the introduction of the monetary union, a set of strict budgetary rules was adopted.
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