Maastricht Treaty - Definition

A treaty that is responsible for the creation of the European Union, signed in Maastricht, a city in the Netherlands. Signed in Maastricht, the Netherlands, on 7 February 1992, the Maastricht Treaty created the European Union, or EU. Formerly called the Treaty on European Union, or TEU, the treaty went into effect 1 November 1993. Currently comprised of 27 member states, or nations, the EU provides benefits for citizens of member states such as ease of travel for work, education, or recreational purposes.

Benefits seen after the enforcement of the Maastricht Treaty include: providing financial aid to EU member states that are less developed and meet certain convergence criteria; common goals of the member states to control and reduce debt, Inflation and interest rates; and the promotion of a closer relationship between the member states. In addition to the free movement of people for work, education, and recreation, the movement of goods and services is also not restricted.

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