a result the Berlin Wall fell together with the whole Iron Curtain. Germany reunified and the door to enlargement to the former Eastern Bloc was opened (See also: Copenhagen Criteria). With a wave of new enlargements on the way, the Maastricht Treaty was signed on 7 February 1992 which established the European Union when it came into force the following year. 1993–2004: Creation On 1 November 1993, under the third Delors Commission, the Maastricht Treaty became effective, creating the European Union with its pillar system, including foreign and home affairs alongside the European Community. The 1994 European elections were held resulting in the Party of European Socialists maintaining their position as the largest party in Parliament. The Council proposed Jacques Santer as Commission President but he was seen as a second choice candidate, undermining his position. Parliament narrowly approved Santer but his commission gained greater support, being approved by 416 votes to 103. Santer had to use his new powers under Maastricht to flex greater control over his choice of Commissioners. They took office on 23 January 1995. On 30 March 1994, accession negotiations concluded with Austria, Sweden and Finland. Meanwhile, Norway, Iceland and Liechtenstein joined the European Economic Area (which entered into force on 1 January 1994), an organisation that allowed European Free Trade Association states to enter the Single European Market. The following year, the Schengen Agreement came into force between seven members, expanding to include nearly all others by the end of 1996. The 1990s also saw the further development of the euro. 1 January 1994 saw the second stage of the Economic and Monetary Union of the European Union begin with the establishment of the European Monetary Institute and at the start of 1999 the euro as a currency was launched and the European Central Bank was established. On 1 January 2002, notes and coins were put into circulation, replacing the old currencies entirely. During the 1990s, the conflicts in the Balkans gave impetus to developing the EU's Common Foreign and Security Policy (CFSP). The EU failed to react during the beginning of the conflict, and UN peacekeepers from the Netherlands failed to prevent the Srebrenica massacre (July 1995) in Bosnia and Herzegovina, the largest mass murder in Europe since the Second World War. The North Atlantic Treaty Organization (NATO) finally had to intervene in the war, forcing the combatants to the negotiation table. The early