The European Union was formally established (with the maastricht Treaty) on November 1, 1993. However, january 1, 2002, is a day than people remember. it wasn't just the star of another new year. it wae also the of a new car for the 304 million people living in 12 European contries. on that day, the euro became the official currency of their countries.The European Union currently has 27 member staes, and new members are expectedto join.Citizens of member countries can travel freely. live,study, and work in any of the member countries.