ABSTRACT
Although the basic outlines of the Treaty on European Union were agreed to at Maastricht, it was not formally signed by national leaders until February 7, 1992. The ratification and currency crises put full implementation of the treaty into serious doubt and generated a new wave of pessimism about the future of the Community and European integration. Because of the compromise-laden nature of the Maastricht Treaty, it was a disappointment to some, including European federalists, for whom the treaty failed to produce the decisive step toward political union that they desired. The narrow approval of the Maastricht Treaty in France further spurred efforts to clarify and strengthen the principle of subsidiarity. Reinforcing the gloom created by the narrow approval of the Maastricht Treaty in France was the currency crisis that erupted simultaneously with the referendum. Germany's display of monetary and political power had created problems in relations with France.
