The Maastricht 1992 treaty is also commonly referred to as the Treaty of the European Union. This treaty was a revision of earlier signed treaties of Rome, single European Act and Paris. It was the beginning of a closer union among the member states and also made way for political integration. The Maastricht treaty was signed on 7th February 1992 by the European Community members. However, it was not enforced until 1st November 1993. This is when the European Union came into force and all member states agreed on the euro as a common European Currency. The initial aim of the Maastricht treaty was to create a common market for the member states.
Some of the major goals of the treaty of Maastricht were; to develop a universal foreign and security strategy, to set up a fiscal and financial union, reinforce the self governing and authority of member states, to improve their success, and several others. The treaty is made up of three pillars the major one consisting of all the provisions laid out in earlier treaties. The other two pillars were in relation to mutual aid among the governments of member states. However, the treaty was later on amended by other treaties.