In the 1975 European Communities referendum put forward by the Labour Party in the United Kingdom, Corbyn opposed Britain's membership of the EEC. Corbyn also opposed the ratification of the Maastricht Treaty in 1993, saying: "... the whole basis of the Maastricht treaty is the establishment of a European central bank which is staffed by bankers, independent of national Governments and national economic policies, and whose sole policy is the maintenance of price stability[.] That will undermine any social objective that any Labour Government in the United Kingdom—or any other Government—would wish to carry out. ... The Maastricht treaty does not take us in the direction of the checks and balances contained in the American federal constitution[.] It takes us in the opposite direction of an unelected legislative body—the [European] Commission—and, in the case of foreign policy, a policy Commission that will be, in effect, imposing foreign policy on nation states that have fought for their own democratic accountability".