European Union was formally established on this day through Maastricht Treaty

The European Union was formally established on this day in history as the Maastricht Treaty, that was signed in 1991 came into effect on November 1, 1993. The treaty was signed by 12 nations in Maastricht, Netherlands and it laid down the foundation for the European Union Parliament, a common regional bank, a single European currency, and unified foreign and security policies. The members that signed the treaty were the United Kingdom, France, Germany, Belgium, Portugal, Spain, Italy, Ireland, Luxembourg, Greece, Denmark, and the Netherlands. 

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The treaty was signed following the end of the Cold War between the United States and the USSR, which happened with the reunification of Germany, a major development in the bloc. Three amendments have been made in the Maastricht Treaty since 1993, in 1999 through the Treaty of Amsterdam, in 2003 through the Treaty of Nice, and in 2009 through the Treaty of Lisbon. The European Union now boasts of 27 member states with a population that is larger than that of the United States.

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The EU has a strong global influence as it is a permanent member of the United Nations, a member of the World Trade Organisation, and represents itself at other international bodies, including G7 and G20. The EU maintains permanent diplomatic missions across the world that helps in pushing the agenda and interests of the bloc. 

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Recent major development

The most recent major development to take place in the European Union was the exit of the United Kingdom on January 31, 2020. The UK became the first member state to leave the bloc following the 2016 Brexit referendum, in which the English electorate had voted 51 per cent in favour of leaving the Union. The UK is currently in its transitional phase and is seeking an exit agreement with the EU member states before the withdrawal becomes effective on December 31, 2020. 

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