The Treaty of Lisbon is a new legal framework for the EU, aiming to make the EU function more efficiently. It was signed in 2007 to replace the Treaty of Nice. The new treaty introduces increased majority voting, clarifies EU competences, and changes the institutional framework. It also strengthens the Economic and Monetary Union by adding price stability as an objective, protecting the independence of the ECB, and enhancing the Eurogroup. The Treaty of Lisbon needs to be ratified by all 27 Member States before it can come into force in 2009.