On this day: December 1

European Union formally established by Maastricht Treaty

On 1 December 1993 the Maastricht Treaty came into force, creating the European Union and introducing new cooperation on foreign policy, justice and home affairs, and steps toward economic and monetary union among member states.

European Central Bank officially begins operations

On 1 December 1998 the European Central Bank (ECB) was formally established in Frankfurt as the institution responsible for monetary policy for the eurozone, marking a key step toward the introduction of the euro currency.