The european union was formally established with the maastricht treaty on novembe 1 1993 howeverjanuary 1 2002 is a day that many people remember. It wasn t just the start of another new year.it was also the start of a new era for the 304 million people living in 12 european countries.on that day the euro became the official currency of their countries.the european union currently has 27 member states and new members are expected to join.citizens of member countries can travel freely live study and work in any of the member countries.