Treaty of Rome in 2009, the Treaty of Lisbon renamed it the "Treaty on the Functioning of the European Union". The TFEU originated as the treaty establishing the European Economic Community (the EEC treaty), signed in Rome on 25 March 1957. On 7 February 1992, the Maastricht treaty, which led to the formation of the European Union, saw the EEC Treaty renamed as the Treaty establishing the European Community (TEC) and renumbered. The Maastricht reforms also saw the creation of the European Union's three pillar structure, of which the European Community was the major constituent part. Following the 2005 referenda, which saw the
European Economic Community absorbed into the newly consolidated European Union which merged in the other two pillars (however Euratom remained distinct). This was originally proposed under the European Constitution but that treaty failed ratification in 2005. The main aim of the EEC, as stated in its preamble, was to "preserve peace and liberty and to lay the foundations of an ever closer union among the peoples of Europe". Calling for balanced economic growth, this was to be accomplished through: For the customs union, the treaty provided for a 10% reduction in custom duties and up to 20% of global import quotas. Progress on