The establishment of the European Union was significantly shaped by the Maastricht Treaty, signed in 1992, which formalized economic and political integration among European nations. The EU aimed to promote peace, stability, and economic cooperation in post-war Europe, following the devastation of World War II. It facilitated the creation of a single market and the introduction of a common currency, the euro. The EU's establishment has since influenced global trade, regional politics, and efforts toward fostering harmonized regulations and standards among member states.