

The European Union (EU) was created by the Treaty of Maastricht on February 7, 1992. Its institutions are largely based on its predecessor, the European Economic Community (EEC). The latter, founded by the Treaty of Rome on March 25, 1957, created a common market between its original six members which later expanded to twelve. Since 1992, the EU added a significant political dimension to the previous EEC. The 27 member states retain their sovereignty in matters that are not explicitly devolved to the EU - notably in fiscal and social matters. The EU itself has authority in a complex set of exclusive and shared competences. Its institutional powers revolve around: