This paper addresses first the position of the Treaty on European Union (or the Maastricht Treaty), following an initial referendum in Denmark that rejected the Treaty by a narrow majority; second, the legal structure of the European Community; third, the history of monetary cooperation in the European Community; fourth, the outline of the Maastricht Treaty; fifth, the various stages within which economic and monetary union in Europe is to be established; and finally, economic policy coordination and the freedom to effect financial transactions.