The objective of this article is to study the evolution of economic policy of the European Union countries in the Mediterranean subregion of North Africa, called the Maghreb. The importance of the Maghreb for the EU is substantiated, and the features of the economies of the Maghreb states that distinguish them from the economies of Sub-Saharan Africa are highlighted. The essence of the political and economic concept of «Eurafrica» formulated in Europe after the Second World War is revealed. The article analyzes the main stages in the development of relations between the EU and the Maghreb, which have always had an asymmetrical character. The four Francophone countries of the Maghreb - Algeria, Morocco, Tunisia, Mauritania - and the former Italian colony Libya are considered. The main vectors of bilateral and multilateral economic relations of the EU with the countries of the region (foreign trade, direct investment) are studied. To analyze trade and investment relations, three of the largest Mediterranean countries of Southern Europe were selected - France, Italy, Spain - as well as the leading economy of the EU, Germany. The low-performance economic models of the Maghreb states and the specifics of these countries' participation in regional associations are examined. The article traces possible paths of transformation of relations between the states of the region and the EU after the «Arab Spring» that unfolded in the early 2010s, during which the change in the political situation in the countries of the Middle East and North Africa led to an exacerbation of security and stability problems in the EU. The conclusion presents the main findings and assesses the possible prospects for the development of EU relations with the Maghreb countries in the context of competition with other influential international actors penetrating the region's economy.