We present an effective field theory (EFT) for a model-independent description of deformed atomic nuclei. In leading order this approach recovers the well-known results from the collective model by Bohr and Mottelson. When higher-order corrections are computed, the EFT accounts for finer details such as the variation of the moment of inertia with the band head and the small magnitudes of interband $E2$ transitions. For rotational bands with a finite spin of the band head, the EFT is equivalent to the theory of a charged particle on the sphere subject to a magnetic monopole field.