Intermediate Examination Paper from the year 2004 in the subject Economics - International Economic Relations, grade: A, University of Applied Sciences Essen (Institute for Economics and Management), language: English, abstract: In December 1991 at a summit in Maastricht the twelve nations, whichconstituted the European Community at that time, agreed on a treaty totransform the European Community into an European Union (EU). This Treatywas signed 1992 and came effective on November 1st of 1993 as anamendment to the treaty of Rome, the treaty the European Communitywas build on. Four years later the treaty of Amsterdam put the treaty of Maastricht intomore concrete terms. The contracting parties agreed in Article B of thistreaty that the Union will set itself (among others) the objective to promoteeconomic and social progress through the establishment of an economicandmonetary union (EMU), ultimately including a single currency. Undertitle V and VI of this treaty the countries also agreed to build up common,foreign- and security policies as well as to intensify their cooperation infields of justice und home affairs. Title VII defines the ideas of a commoneconomic and monetary policy. The treaty of Amsterdam was signed onOctober, 2nd 1997. Since all the Member States had to ratify the treaty bytheir respective legislative procedures, it did not come into effect until theend of May 1999.The European treaties, taken together, form the primary legislation andhave characteristics of a constitution of the Community. The treatiesprovide the legal basis for all secondary legislation, i.e. regulations,directives and decisions of the institutions of the Community.1 Peichl, Andreas (2003), p. 1-3.2 Cowgill, Anthony and Andrew (2003b), p. 2.
