The Maastricht Treaty, formally known as the Treaty on European Union, was signed on February 7, 1992, by the members of the European Communities. This landmark treaty officially created the European Union (EU) and laid the groundwork for the single European currency, the Euro. It established the 'three pillars' of the EU: the European Communities, a Common Foreign and Security Policy, and cooperation in the fields of Justice and Home Affairs. The treaty also introduced the concept of European citizenship, allowing residents of member states to live and work anywhere within the union. By integrating the economies and political systems of European nations more closely, the treaty aimed to prevent future conflicts on the continent and create a unified economic bloc capable of competing with the United States and Japan. It represents a massive step in the evolution of supranational governance.