The European Union which laid down the foundations for a common foreign and security policy and the creation of a single currency was established in which year?

1992

The correct answer is option (3) - 1992

The Treaty of Maastricht, formally known as the Treaty on European Union, was signed in 1992 and laid the foundations for the European Union (EU). It established the EU as a political and economic union, creating the framework for a common foreign and security policy, as well as a single currency, the Euro.