From this side of the Atlantic, the European Union (EU) can seem like a weird thing—most of us aren’t exactly sure when it started, how far it stretches or even what it exactly is. What we do know is that it’s a case study in constant evolution: It dates back to at least the ’50s, when six nations formed the European Coal and Steel Community and, later, the European Economic Community. However, the current European Union actually takes its name and primary structure from the Maastricht Treaty of 1993. The monetary union, the source of the Euro, was born in 1999; the constitutional basis for the EU, the Treaty of Lisbon, arrived 10 years later; and countries are still joining (Croatia became a member only last year).
Read more at Banking.com