Maastricht Treaty: Definition, Purpose, History, and Significance
Definition of 'Maastricht Treaty: Definition, Purpose, History, and Significance'
The Maastricht Treaty was the result of years of negotiations between the member states of the EC. The treaty was signed in the city of Maastricht, Netherlands, and it came into force on November 1, 1993.
The Maastricht Treaty had a number of important provisions. It established the European Central Bank (ECB) and gave it the power to set monetary policy for the eurozone. The treaty also created the European System of Central Banks (ESCB), which includes the ECB and the national central banks of the eurozone countries.
The Maastricht Treaty also set out a number of criteria that countries had to meet in order to join the eurozone. These criteria included a low inflation rate, a low budget deficit, and a low public debt.
The Maastricht Treaty was a significant step in the process of European integration. It created the eurozone and the European Central Bank, and it laid the foundation for the European Union.
The Maastricht Treaty has been criticized for a number of reasons. Some people argue that it has led to a loss of national sovereignty. Others argue that it has not done enough to promote economic growth in the eurozone.
Despite the criticisms, the Maastricht Treaty remains an important part of the European Union. It has created the eurozone and the European Central Bank, and it has laid the foundation for the European Union.
Do you have a trading or investing definition for our dictionary? Click the Create Definition link to add your own definition. You will earn 150 bonus reputation points for each definition that is accepted.
Is this definition wrong? Let us know by posting to the forum and we will correct it.