||The two principal treaties on which the European Union is based are the Treaty on European Union (TEU; Maastricht Treaty, effective since 1993) and the Treaty on the Functioning of the European Union (TFEU; Treaty of Rome, effective since 1958). These treaties establish the various EU institutions together with their remit, procedures and objectives. They have been altered by amending treaties regularly, such as by the Treaty of Amsterdam (1997), the Treaty of Nice (2001) and the Treaty of Lisbon (2007). This is the "consolidated" version of the TEU, taking into account such amendments. Following the preamble, the text of the TEU is divided into six parts: Common provisions; Provisions on democratic principles; Provisions on the institutions; Provisions on enhanced cooperations; General provisions on the Union's external action and specific provisions on the Common Foreign and Security Policy; and Final provisions. Article 2 of the TEU stipulates that "The Union is founded on the values of respect for human dignity, freedom, democracy, equality, the rule of law and respect for human rights, including the rights of persons belonging to minorities," and that "these values are common to the Member States in a society in which pluralism, non-discrimination, tolerance, justice, solidarity and equality between women and men prevail." Article 7 of the TEU, meanwhile, establishes a prevention and penalty mechanism in the event an EU member state breaches these common values or risks doing so. Under Article 7, the member state in question may see some of its rights suspended, such as its voting rights in the European Council. Article 7 has so far never been successfully applied.