The Single Market was formally completed at the end of 1992. The Maastricht treaty was signed on February 7, 1992 between members of the European Community. It led to the creation of the European Union and was the result of separate negotiations on monetary union and on political union. The treaty resulted in in the creation of the Euro. The twenty-five countries that are currently members of the European Union are listed below along with their dates of membership:
In 1992 the EU decided to establish an economic and monetary union (EMU), involving the introduction of a single European currency managed by a European Central Bank. The single currency called the Euro became a reality on January 1, 2002 when Euro notes and coins replaced national currencies in Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland.