Maastricht Treaty

Definitions

Economics

  • noun a treaty signed in 1992 which sets out the principles for a European Union and the convergence criteria for states wishing to join the EMU. Apart from the monetary union, the treaty also emphasised the importance of coordinating foreign and defence policy and legal systems throughout the European Union, including citizenship of the Union for citizens of member states.

Forex

  • An international agreement signed in the Dutch city of Maastrict in 1992 by 12 European countries that established the European Union. The nations that signed the agreement were Belgium, Denmark, France, Greece, Germany, Great Britain, Ireland, Italy, Luxembourg, The Netherlands Portugal and Spain. The treaty integrated the European economies and created a common currency, the Euro.

Politics

  • noun the treaty of 1st November 1993 by which the member states of the European community established the European union. It significantly extended the scope of the previous treaties, preparing the way for the adoption of the single European currency, adopting a Social Chapter which gave rights to workers, strengthening European institutions and suggesting further scope for development in the fields of education, justice, defence and foreign policy. The British Prime minister at the time, John Major, signed the treaty with the exclusion of the Single Currency and the Social Chapter. In trying to have the treaty ratified by parliament, Major’s conservative government almost fell from power.
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