Maastricht, Treaty of
Maastricht, Treaty ofA treaty concluded in 1993 between members of the European Community. (EC) This changed its name to European Union (EU), and set out a programme for progress towards a European Monetary Union (EMU) and the creation of a European Central Bank. (ECB) The treaty included convergence criteria, including a 3 per cent limit to budget deficits and a 60 per cent limit to debt-GDP ratios for members to be eligible to join the EMU. The treaty also included a Social Chapter, containing various employment protection provisions. The UK originally opted out of the Social Chapter, but has since accepted it.
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