WORLD HISTORY

Detailed explanation-1: -It is a major milestone, setting clear rules for the future single currency as well as for foreign and security policy and closer cooperation in justice and home affairs. The ‘European Union’ is officially created by the treaty, which enters into force on 1 November 1993.

Detailed explanation-2: -The twelve members of the European Communities signing the Treaty on 7 February 1992 were Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, Portugal, Spain, the Netherlands and the United Kingdom.

Detailed explanation-3: -The Maastricht Treaty (1992) created the European Union with its pillars system, including foreign and home affairs alongside the European Communities. This in turn led to the creation of the single European currency, the euro (launched 1999). The ECSC expired in 2002.

Detailed explanation-4: -The European Economic Community (EEC) was a regional organisation created by the Treaty of Rome of 1957, aiming to foster economic integration among its member states. It was subsequently renamed the European Community (EC) upon becoming integrated into the first pillar of the newly formed European Union in 1993.