Treaty establishing the European Stability Mechanism

The Treaty Establishing the European Stability Mechanism was signed by the member states of the eurozone to found the European Stability Mechanism (ESM), an international organisation located in Luxembourg, to act as a permanent source of financial assistance for member states in financial difficulty, with a maximum lending capacity of €500 billion. It replaced two earlier temporary EU funding programmes: the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). All new bailouts of eurozone member states will be covered by ESM, while the EFSF and EFSM will continue to handle money transfers and program monitoring for bailouts previously approved for Ireland, Portugal and Greece.

ESM Treaty

Treaty Establishing the European Stability Mechanism
ESM member states   Other EU member states
Type	Intergovernmental agreement
Signed	2 February 2012 (2012-02-02)
Location	Brussels
Effective	27 September 2012 (2012-09-27)[1][2]
Condition	Ratification by signatories whose initial subscriptions represent no less than 90% of the total
Parties	All Member States of the eurozone (20)
Depositary	General Secretariat of the Council of the European Union
Languages	Dutch, English, Estonian, Finnish, French, German, Greek, Irish, Italian, Maltese, Portuguese, Slovak, Slovenian, Spanish and Swedish
Full text
Treaty Establishing the European Stability Mechanism (2012) at Wikisource

The treaty stipulated that the organization would be established if member states representing 90% of its original capital requirements ratified the founding treaty.^[3] This threshold was surpassed with Germany's ratification on 27 September 2012, bringing the treaty into force on that date for the sixteen states which had ratified the agreement. The ESM commenced its operations at a meeting on 8 October 2012.^[4] A separate treaty, amending Article 136 of the Treaty on the Functioning of the European Union (TFEU) to authorize the establishment of the ESM under EU law, was planned to enter into force on 1 January 2013. However, the last of the 27 European Union member states to ratify the amendment, the Czech Republic, did not do so until 23 April 2013, resulting in its entry into force on 1 May 2013.^[5] In June 2015, an updated EMU reform plan was released which envisaged that in the medium-term (between July 2017 and 2025) the ESM should be transposed from being an intergovernmental agreement to become fully integrated into the EU law framework applying to all eurozone member states, so that the ESM can be governed more smoothly by the EU institutions - under the competence provided for by the amended article 136 of the TFEU.^[6]

History

Following the onset of the European sovereign debt crisis, there was a drive to reform the functioning of the eurozone in the event of a crisis. This led to the creation, amongst other things, of loan (pejoratively called "bailout" in the media) mechanisms: the European Financial Stability Facility (EFSF) for eurozone member states and the European Financial Stability Mechanism (EFSM) for all EU member states. These, together with the International Monetary Fund, would lend money to EU states in trouble, in the same way that the European Central Bank can lend money to European banks. However, the EFSF was only intended to be a temporary measure, in part due to the lack of a legal basis in the EU treaties.

In particular, EFSM funding was granted under Article 122 of the TFEU, which stipulates that only states facing "severe difficulties caused by natural disasters or exceptional occurrences beyond its control" were eligible. Since the recipient governments had played a role in causing their financial distress, it was unclear whether this clause was satisfied. As well, there was an argument that the EFSF, which was established as an intergovernmental organization outside the framework of EU law, was incompatible with the "no bailout" provisions of Article 125.^[7]

Treaty basis

In order to resolve these issue, the German government felt a treaty amendment was necessary. After the difficulties ratifying the Treaty of Lisbon, many states opposed reopening the treaties and the British government opposed changes affecting the United Kingdom.^[8][9] However, after winning the support of French President Nicolas Sarkozy,^[10] the European Council agreed to draft a new treaty in October 2010 that would be a minimal amendment to give the proposed permanent lending mechanism, which would subsequently be negotiated as an intergovernmental treaty outside of the EU framework, legitimacy under EU law.^[11][12] The two line amendment to Article 136 of the Treaty on the Functioning of the European Union (TFEU),^[13] which was approved by the European Council on 16 December 2010, reads:

The member states whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality.

Due to the intergovernmental nature of the permanent lending mechanism, which was named the European Stability Mechanism (ESM), the simplified treaty revision procedure could be used for the TFEU amendment as the EU's powers were not being increased.^[7] However, the amendment would not fulfill the German demand that the removal of voting rights be a possible sanction, as that would require a deeper treaty amendment. The treaty was designed so there would be no need for referendums, allowing for a speedy ratification process, with the aim to have it come into force in July 2012.^[3]

In March 2011, the European Parliament approved the treaty amendment after receiving assurances that the European Commission, rather than EU states, would play 'a central role' in running the ESM, despite wishing it had been more involved earlier,^[14][15] and it was signed by all 27 EU member states on 25 March 2011.

A separate treaty among eurozone states, named the Treaty Establishing the European Stability Mechanism, was also agreed to which established the ESM and set out the details of how it would operate.^[16] Formally, two treaties with this name were signed: one on 11 July 2011 and one on 2 February 2012. After the first turned out to be not substantial enough the second version was produced to "make it more effective".^[17] The ESM was designed to be fully compatible with existing EU law, and the European Court of Justice ruled that "the right of a Member State to conclude and ratify the ESM Treaty is not subject to the entry into force" of the TFEU amendment.^[18] The 2012 version was signed by all 17 eurozone members on 2 February 2012, and was planned to enter force by mid-2012, when the EFSF and EFSM were set to expire. The treaty was concluded exclusively by eurozone states in part because the UK refused to participate in any fiscal integration.^[19][20] Further amendments may follow once the final shape of the eurozone's economic governance is decided.

An amendment to the ESM Treaty was signed on 27 January 2021.^[21] As of February 2024 it had been ratified by all ESM member states except Italy, whose parliament rejected ratification in December 2023 and imposed a moratorium on reconsidering the decision for 6 months, preventing the amendment's entry into force.^[22]

Membership

The treaty stipulated that it would enter into force once member states representing 90% of its original capital requirements ratified the founding treaty according to their respective constitutional requirements.^[3] This threshold was surpassed with Germany's ratification on 27 September 2012, bringing the treaty into force on that date for the 16 states which had ratified the agreement.^[2] Estonia, the remaining eurozone state which had committed only 0.19% of the capital, completed their ratification on 3 October 2012. The ESM commenced its operations at a meeting on 8 October 2012.^[4] The TFEU amendment came into force on 1 May 2013, after the Czech Republic became the last member states to ratify the agreement.^[5]

According to the text of the treaty, the ESM is open to accession by any EU member state once their derogation from using the euro has been lifted by the Council of the European Union. New members must be approved by the ESM's Board of Governors, after which they would need to ratify to the Treaty Establishing the ESM.^[23] After Latvia's adoption of the euro on 1 January 2014 was given final approval by the Economic and Financial Affairs Council on 9 July,^[24][25] the ESM Board of Governors approved Latvia's membership application in October 2013.^[26] They became the first state to accede to the ESM on 21 February 2014 and joined on 13 March 2014. Lithuania adopted the euro on 1 January 2015, and acceded to the ESM on 14 January 2015. They became a member on 3 February 2015.^[2]

Ratification

Treaty establishing the ESM

State	Percent of ESM contributions[27]	Signed	Conclusion date	Institution	Majority needed[28][29]			AB	Deposited[2]	Ref.
Austria	2.76%	Yes	4 Jul 2012	National Council	50%	126	53	0	30 Jul 2012	[30]
			6 Jul 2012	Federal Council	50%	45	10	0		[31]
			17 Jul 2012	Presidential Assent	-	Granted				[32]
Belgium	3.45%	Yes	7 Jun 2012	Senate	50%	46	4	14	26 Jun 2012	[33]
			14 Jun 2012	Chamber of Representatives	50%	90	14	24		[34]
			20 Jun 2012	Royal Assent	-	Granted				[35]
Croatia	0.00%	No	8 Feb 2023	Parliament	50%	124	0	5	2 Mar 2023	[36]
			10 Feb 2023	Presidential Assent	-	Granted				[37]
Cyprus	0.19%	Yes	31 May 2012	House of Representatives	50%	48	0	0	28 Jun 2012	[38]
			15 Jun 2012	Presidential Assent	-	Granted				[39]
Estonia	0.18%	Yes	30 Aug 2012	Riigikogu	50%	59	34	6	3 Oct 2012	[40]
			11 Sep 2012	Presidential Assent	-	Granted				[41]
Finland	1.79%	Yes	21 Jun 2012	Parliament	50%	104	71	24	29 Jun 2012	[42]
			29 Jun 2012	Presidential Assent	-	Granted				[43][44]
France	20.25%	Yes	21 Feb 2012	National Assembly	50%	256	44	131	2 Apr 2012	[45]
			28 Feb 2012	Senate	50%	169	35	138		[46]
			7 Mar 2012	Presidential Assent	-	Granted				[47]
Germany	26.96%	Yes	29 Jun 2012	Bundestag	66.7%	493	106	5	27 Sep 2012	[48]
			29 Jun 2012	Bundesrat	66.7%	65	0	4		[49]
			13 Sep 2012	Presidential Assent	-	Granted				[50]
Greece	2.80%	Yes	28 Mar 2012	Parliament	50%	194	59	0	10 May 2012	[51][52]
Ireland	1.58%	Yes	20 Jun 2012	Dáil Éireann	50%	114	22	0	1 Aug 2012	[53]
			27 Jun 2012	Seanad Éireann	50%	37	3	0		[54]
			3 Jul 2012	Presidential Assent	-	Granted				[55]
Italy	17.79%	Yes	12 Jul 2012	Senate	50%	191	21	15	14 Sep 2012	[56]
			19 Jul 2012	Chamber of Deputies	50%	380	59	36		[57]
			23 Jul 2012	Presidential Assent	-	Granted				[58]
Latvia	0.27%	No	30 Jan 2014	Parliament	50%	56	0	25	21 Feb 2014	[59][60][61][62][63]
			10 Feb 2014	Presidential Assent	-	Granted				[64]
Lithuania	0.41%	No	18 Dec 2014	Seimas	50%[65]	82	1	1	14 Jan 2015	[66]
			18 Dec 2014	Presidential Assent	-	Granted				[67]
Luxembourg	0.25%	Yes	26 Jun 2012	Chamber of Deputies	66.7%	49	5	0	31 Jul 2012	[68][69]
			3 Jul 2012	Royal Assent	-	Granted				[70][71]
Malta	0.07%	Yes	6 Jul 2012	House of Representatives	50%	25	0	0	19 Jul 2012	[72]
Netherlands	5.68%	Yes	24 May 2012	House of Representatives	50%	100	47	0	13 Jul 2012	[73][74]
			3 Jul 2012	Senate	50%	50	23	0		[75][76]
			5 Jul 2012	Royal Assent	-	Granted				[77]
Portugal	2.49%	Yes	13 Apr 2012	Assembly of the Republic	50%	204	24	2	4 Jul 2012	[78]
			19 Jun 2012	Presidential Assent	-	Granted				[79]
Slovakia	0.82%	Yes	22 Jun 2012	National Council	60% (absolute) min 90 votes	118	20	5	29 Jun 2012	[80]
			9 Jul 2012	Presidential Assent	-	Granted				[81]
Slovenia	0.42%	Yes	19 Apr 2012	National Assembly	50%	74	0	1	30 May 2012	[82]
			30 Apr 2012	Presidential Assent	-	Granted				[83]
Spain	11.82%	Yes	17 May 2012	Congress of Deputies	50% (absolute) min 176 votes	292	17	7	2 Jul 2012	[84]
			6 Jun 2012	Senate	50% (absolute) min 134 votes	237	1	0		[85]
			21 Jun 2012	Royal Assent	-	Granted				[86]

= States which acceded to the ESM

TFEU Article 136 amendment

TFEU Article 136 amendment

Treaty on the Functioning of the European Union Article 136 amendment
Signed	25 March 2011 (2011-03-25)
Location	Brussels
Effective	1 May 2013 (2013-05-01)[5]
Condition	Ratification by all European Union member states
Parties	All Member States of the European Union (27)
Depositary	General Secretariat of the Council of the European Union
Full text at Wikisource
European Council Decision amending Article 136 of the Treaty on the Functioning of the European Union

Signatory	Conclusion date	Institution	Majority needed[28][29]			AB	Deposited[5]	Ref.
Austria	6 Jul 2012	Federal Council	66.7%	45	10		30 Jul 2012	[87]
	4 Jul 2012	National Council	66.7%	125	53			[87]
17 Jul 2012	Presidential Assent	-	Granted			[28]
Belgium	10 May 2012	Senate	50%	54	4	2	16 Jul 2012	[88]
	14 Jun 2012	Chamber of Representatives	50%	110	14	2		[88]
	9 Jul 2012	Royal Assent	-	Granted				[88]
	11 Jan 2012	Walloon Parliament (regional)	50%	70	0	0		[89]
	19 Mar 2012	German-speaking Community	50%	21	2	1		[90]
	20 Dec 2011	French Community	50%	82	0	0		[91]
	2 Mar 2012	Brussels Regional Parliament	50%	73	2	0		[92]
	30 March 2012	CCC United Assembly	50%	73	2	1		[93]
	27 Jun 2012	Flemish Parliament (regional) (community matters)	50%	74	17	5		[94]
			50%	78	17	6		[94]
Bulgaria	13 Jul 2012	National Assembly	50%	84	2	14	6 Aug 2012	[95]
	23 Jul 2012	Presidential Assent	-	Granted				[96]
Cyprus	30 May 2012	House of Representatives	50%				3 Jul 2012	[29]
	22 Jun 2012	Presidential Assent	-	Granted				[28]
Czech Republic	25 Apr 2012	Senate	60% (absolute) [97] min 49 votes	49	9	4	23 Apr 2013	[98]
	5 Jun 2012	Chamber of Deputies	60% (absolute)[97] min 120 votes	140	18	31		[99]
	3 Apr 2013	Presidential Assent	-	Granted				[100]
Denmark	23 Feb 2012	Folketing	50%	82	21	5	7 May 2012	[101]
	21 Mar 2012	Royal Assent	-	Granted				[102]
Estonia	8 Aug 2012	Riigikogu	50%	86	0	2	7 Sep 2012	[103]
	14 Aug 2012	Presidential Assent	-	Granted				[104]
Finland	9 May 2012	Parliament	50%	120	33	0	29 May 2012	[105]
	25 May 2012	Presidential Assent	-	Granted				[28]
France	28 Feb 2012	Senate	50%	168	27	138	2 Apr 2012	[106]
	21 Feb 2012	National Assembly	50%	256	44	131		[107]
	7 Mar 2012	Presidential Assent	-	Granted				[108]
Germany	29 Jun 2012	Bundesrat	66.7%	65	0	4	27 Sep 2012	[29][109]
	29 Jun 2012	Bundestag	66.7%	504	97	1		[29][110]
	13 Sep 2012	Presidential Assent	-	Granted				[48]
Greece	28 Mar 2012	Parliament	50%	194	59	0	17 Apr 2012	[51]
Hungary	27 Feb 2012	National Assembly	66.7%	320	40	0	19 Apr 2012	[111]
	5 Mar 2012	Presidential Assent	-	Granted				[111]
Ireland	27 Jun 2012	Senate	50%	Passed			1 Aug 2012	[112]
	19 Jun 2012	Dáil	50%	Passed				[113]
	3 Jul 2012	Presidential Assent	-	Granted				[114]
Italy	12 Jul 2012	Senate	50%	230	22	14	25 Sep 2012	[28]
	19 Jul 2012	Chamber of Deputies	50%	380	59	36		[28]
23 Jul 2012	Presidential Assent	-	Granted			[58]
Latvia	19 Apr 2012	Parliament	50%	79	0	0	24 May 2012	[115]
	9 May 2012	Presidential Assent	-	Granted				[115]
Lithuania	12 Jun 2012	Seimas	50% min 57 votes	81	0	8	6 Jul 2012	[116]
	21 Jun 2012	Presidential Assent	-	Granted				[28]
Luxembourg	26 Jun 2012	Chamber of Deputies	66.7%	48	5	0	24 Jul 2012	[117][118]
	3 Jul 2012	Royal Assent	-	Granted				[117][70]
Malta	2 Oct 2012	House of Representatives	50%	Passed			9 Oct 2012	[119][120]
Netherlands	3 Jul 2012	Senate	50%	50	23	0	20 Sep 2012	[75]
	24 May 2012	House of Representatives	50%	100	46	0		[121]
	5 Jul 2012	Royal Assent	-	Granted				[122]
Poland	30 May 2012	Senate	50%	55	30	0	13 Nov 2012	[123]
	11 May 2012	Sejm	50%	294	155	1		[124][125]
	26 Jun 2012	Presidential Assent	-	Granted				[125][126]
Portugal	9 Dec 2011	Assembly	50%				6 Feb 2012	[28]
	2 Feb 2012	Presidential Assent	-	Granted				[28]
Romania	12 Jun 2012	Senate	66.7% (absolute)[127][128] min 306 votes	307 (67.0%)	1	0	11 Jul 2012	[129]
		House of Representatives
	19 Jun 2012	Presidential Assent	-	Granted				[130]
Slovakia	15 May 2012	National Council	60% (absolute) min 90 votes	130	11	1	13 Jun 2012	[29]
	9 Jul 2012	Presidential Assent	-	Granted				[81]
Slovenia	15 Jul 2011	National Assembly	50%	80	0	3	17 Oct 2011	[131][132]
	25 Jul 2011	Presidential Assent	-	Granted				[133]
Spain	6 Jun 2012	Senate	50% (absolute) min 134 votes	234	1	0	15 Jun 2012	[85]
	17 May 2012	Congress of Deputies	50% (absolute) min 176 votes	292	17	7		[84]
		Royal Assent	-	Granted
Sweden	30 May 2012	Riksdagen	50%	295	19	0	15 Jun 2012	[134]
United Kingdom	10 Sep 2012	House of Commons	50%	Passed			12 Nov 2012	[135]
	4 Jul 2012	House of Lords	50%	Passed				[135]
	31 Oct 2012	Royal Assent	-	Granted				[135]

Ratification process

Austria

The opposition parties FPÖ, BZÖ and the Green Party threatened to launch a constitutional challenge against the European Fiscal Compact, with the FPÖ also intending to challenge the ESM.^[136] The Freedom Party of Carinthia, the largest party in the state assembly of Carinthia, also announced their intention to challenge Austria's ratification of the ESM.^[137] No cases can be launched prior to the publication of the treaties in Austria's official gazette, which isn't expected until their entry into force.^[137] Constitutional Court President Gerhart Holzinger stated that the court could take three to six months to deliver a judgement,^[138] and that it "cannot abolish the ESM pact but we would only establish that the agreement of this pact was unconstitutional". If the court found the ratification unconstitutional, Holzinger stated that the government would have to "either defy the constitution by some means or other, or to negotiate after the fact with the other parties to the pact".^[137]

In October 2012, Heinz-Christian Strache, leader of FPÖ, officially filed an individual constitutional challenge against the ESM,^[139] and the Government of Carinthia voted in favour of launching their own case.^[140] The Austrian Constitutional Court ruled on 25 February 2013 that Strache's petition was inadmissible on procedural grounds,^[141] and began deliberations on the Carinthian complaint on 6 March with a public hearing.^[142] On 3 April 2013 the court rejected the case, which argued that the treaty obliged Austria to make unlimited payments into the ESM, and ruled that the treaty was not unconstitutional.^[143]

Czech Republic

The TFEU amendment was passed by the Czech Senate on 25 April 2012 and the Chamber of Deputies on 5 June 2012. On 6 December the Senate urged then President Václav Klaus to give his assent,^[144] arguing that he is constitutionally obliged to do so "without undue delay" after both houses have given their approval. However, Klaus replied the next day by stating "I will never sign such a monstrous treaty".^[145] In March 2013 the Czech Senate voted to impeach Klaus for high treason, in part due to his refusal to sign the TFEU amendment,^[146] though the Constitutional Court of the Czech Republic rejected the charges on procedural grounds since the motion was passed only 3 days prior to Klaus being replaced as president by Miloš Zeman, the winner of the January presidential election which Klaus was term limited from running in.^[147][148] Zeman, who is considered to be "pro-EU",^[149] announced shortly after taking office that he would "respect parliament’s decision"^[150] and gave his assent to the TFEU amendment during President of the European Commission Jose Barroso's visit to the Czech Republic on 3 April.^{[100][151][152]}

Estonia

The Estonian Chancellor of Justice concluded that Article 4(4) of the ESM treaty may violate the Constitution of Estonia and could not be ratified by Parliament in its present form.^[153] The Chancellor demanded that the Government of Estonia re-open negotiations concerning the treaty. The matter was reviewed by the Supreme Court of Estonia and a decision was rendered on 12 July 2012.^{[154][155][156]} With a narrow 10–9 vote, the Court dismissed the application of the Chancellor and ruled that although Article 4(4) restricts the financial competence of the Estonian parliament, the principle of rule of law, and the sovereignty of Estonia, it does not breach the Constitution. The Court ruled that it is up to Parliament to decide whether Estonia accedes to the ESM.^[157]

Germany

A number of citizens, several members of parliament, and the Die Linke party in the Bundestag challenged the constitutionality of the ESM and petitioned the Constitutional Court to issue a preliminary injunction prohibiting President Joachim Gauck from signing the treaty. The President declared that he would postpone his signature until after the Court had ruled on the injunction. If the injunction was rejected, the President would sign the treaty, while if the Court granted the injunction the merits of the case would be decided while ratification remained on hold. If the Court ultimately decided that the treaty was unconstitutional, the treaty could not go into force in its current form.^[158] The Court heard oral arguments on 10 July 2012.^[159] A group of German academics filed an appeal to the Court requesting that the decision be delayed until the ECJ had issued a verdict on the legality of the treaty in the case referred to it by the Irish Supreme Court. While this could have delayed ratification by months, a spokesman for the court stated that "our understanding is that the court’s decision will go ahead".^[160] After the European Central Bank announced their intention to buy unlimited amounts of government bonds from troubled ESM states, another court challenge was launched requesting that ratification stop until this decision was reversed.^[161] While the court quickly rejected this case on procedural grounds, it didn't rule out the possibility that the case could be refiled.^[162]

On 12 September the Court refused to grant an injunction, but imposed several conditions for ratification.^[163][164] The argument that all future ESM bailouts should be individually approved by the German parliament was confirmed by the court.^[165] However, the court found that the argument that the treaty might permit the ESM to borrow funds directly from the ECB had no merit, as this was incompatible with the Treaty on the Functioning of the European Union.^[166] Finally, the court stipulated that Germany must attach an interpretative declaration to their instrument of ratification of the treaty declaring that their liability is limited to the €190 billion committed in the treaty unless an increase is approved by the German parliament, and that the confidentiality of information by the ESM will not prevent the German parliament from being informed on the workings of the ESM.^[166] Furthermore, the court stated that "Germany must express that it does not wish to be bound by the ESM Treaty in its entirety, if the reservations made by it should prove to be ineffective."^[166] On 27 September 2012, the eurozone countries adopted a joint interpretative declaration of the ESM treaty formalizing the "German interpretation".^[167][4] After a German court rejected a last minute appeal claiming that this declaration failed to satisfy the imposed requirements, Germany completed its ratification of the treaty.^[168] The court heard oral arguments on the merits of the case and the ECB's bond buying OMT program for countries exiting ESM financial support programs on 11–12 June 2013,^{[169][170][171][172]} with a final decision originally expected in the fall of 2013 but later pushed back to 2014.^[173] In early February 2014 the court announced that they had referred the question of the OMT program to the European Court of Justice,^[172][174] and on 18 March the court released their decision which found that all the complaints against the ESM treaty were either inadmissible or unfounded.^{[175][176][177]}

Ireland

Thomas Pringle, an independent member of the Oireachtas, challenged the legality of the ESM treaty under both Irish and European Union law. On 9 July 2012, High Court judge Mary Laffoy decided that the ESM treaty violated neither EU nor Irish law. However, she asked the European Court of Justice for a preliminary ruling on the legality of ratification of the ESM treaty prior to the entry into force of the TFEU amendment, which was planned for 1 January 2013 and intended to provide the intergovernmental ESM treaty with a legal basis within EU law.^[178] Pringle appealed the High Court decision to the Supreme Court. The appeal began on 24 July 2012,^[179] and on 31 July the court ruled that the ESM treaty did not involve a transfer of sovereignty such that it would require amending the constitution^[180] (which is only possible if approved by a referendum), and on those grounds rejected Pringle's application for an injunction to prevent the government from ratifying the ESM Treaty. However, the Irish Supreme Court referred three questions of EU law to the European Court of Justice (ECJ):^[181][182]

1. Is the EU Council decision of 25 March 2011 (to amend Article 136 of the TFEU on 1 January 2013) valid?
2. If so, is a member state entitled to join the ESM before the decision comes into force?
3. Is the ESM Treaty compatible with EU law?

The Irish Supreme Court requested that the case be heard urgently, and the ECJ agreed on 4 October to handle the case under an accelerated procedure,^[183] with a one-day hearing scheduled for 23 October 2012.^[184][185] Pringle stated that if he won the case, all ESM members would have to cease their membership and terminate the ESM as an intergovernmental organisation.^[186] However, on 27 November 2012 the ECJ delivered its judgement, answering all the questions submitted to it in an affirmative manner, and thus rejected Pringle's challenge.^[18] The ECJ found that the TFEU amendment did not expand the competence of the EU, and thus the use of the simplified treaty amendment procedure was legal. In addition, the ruling stated that the ESM treaty did not overrule any existing EU law and thus member states were permitted to join and enact the ESM treaty independent of whether the TFEU amendment had been ratified. It also highlighted that the ESM treaty basically replaced the intergovernmental temporary EFSF and the EU-law enacted EFSM, and that it did not limit the competence of the EU to introduce a similar support mechanism in the future.^[18]

Poland

The opposition to the government submitted a draft bill on 11 January 2012 outlining that a constitutional ratification procedure with the approval of a qualified majority of 2/3 of members of the Sejm, as is required for the ratification of international treaties which transfer political power to an international body, should be utilized for the TFEU amendment. This proposal was rejected on 10 May 2012 by a vote in Sejm,^[187][188] and the treaty was subsequently approved by a simple majority on 11 May 2012 with a vote of 63.9% in favour.^[125] Members of the opposition Law and Justice party filed a complaint with the Constitutional Tribunal of the Republic of Poland on 26 July 2012, requesting that the bill ratifying the treaty be declared illegal as it had not been passed by a qualified majority.^[189] Proceedings of the case began on 1 August 2012.^[190] The Sejm published their opinion on the case on 11 February 2013, which called on the Constitutional Tribunal to declare that the bill was not incompatible with the constitution and requested that the proceedings before the Tribunal be cancelled.^[191] After a hearing on 26 June 2013, the Tribunal ruled that the ratification procedure which was utilized did not violate the constitution.^[192]

References

1. The treaty entered into force for 16 signatories on 27 September 2012, and Estonia on 4 October 2012
2. ESM Treaty details
3. "European Council Press releases". European Council. 9 December 2011. Retrieved 9 December 2011.
4. "Germany finally ratifies ESM bailout fund". 27 September 2012. Retrieved 27 September 2012.
5. "a136 Amendment details". Retrieved 23 April 2013.
6. "Completing Europe's Economic and Monetary Union: Report by Jean-Claude Juncker in close cooperation with Donald Tusk, Jeroen Dijsselbloem, Mario Draghi and Martin Schulz" (PDF). European Commission. 21 June 2015.
7. de Witte, Bruno (June 2011). "The European Treaty Amendment for the Creation of a Financial Stability Mechanism" (PDF). European Policy Analysis.
8. Van Rompuy wants clearer 'hierarchy' to deal with future crises, by Honor Mahony, EUobserver, 25.05.2010
9. Don't expect Britain to back a new EU treaty, Cameron tells Merkel, by Tony Paterson, The Independent, 22.05.2010
10. Battle over treaty change divides Europe ahead of summit, by Leigh Phillips, EUobserver, 28.10.2010
11. Phillips, Leigh (17 December 2010) EU leaders agree to tweak treaty, keep bail-out fund unchanged, EU Observer
12. EUROPEAN COUNCIL 16-17 DECEMBER 2010 CONCLUSIONS, European Council 17 December 2010
13. EUROPEAN COUNCIL 16–17 DECEMBER 2010 CONCLUSIONS, European Council 17 December 2010
14. Parliament approves Treaty change to allow stability mechanism, European Parliament
15. Retrieved 22 March 2011 Published 22 March 2011 Archived 13 October 2012 at the Wayback Machine
16. EUROPEAN COUNCIL 24/25 MARCH 2011 CONCLUSIONS
17. "European Stability Mechanism Treaty signed". European Council. Retrieved 4 February 2012.
18. "Judgment of the Court (27 November 2012, Pringle, Case C-370/12)". EUR-Lex. 27 November 2012. Retrieved 27 November 2012.
19. Van Rompuy wants clearer 'hierarchy' to deal with future crises, by Honor Mahony, EUobserver, 25 May 2010
20. Don't expect Britain to back a new EU treaty, Cameron tells Merkel, by Tony Paterson, The Independent, 22 May 2010
21. "Agreement Amending the Treaty Establishing the European Stability Mechanism (ESM)". Council of the European Union. Retrieved 2 May 2021.
22. Fonte, Giuseppe; Amante, Angelo (21 December 2023). "Italy parliament rejects ESM reform, irking Brussels". Reuters. Retrieved 3 February 2024.
23. "Latvia and the euro". European Commission. 5 March 2013. Retrieved 31 March 2013.
24. "Latvia Wins Final EU Approval to Adopt Euro on Jan. 1 Next Year". Bloomberg. 9 July 2013. Retrieved 9 July 2013.
25. "Commission: Latvia meets the conditions for adopting the euro". European Commission. 5 June 2013. Retrieved 16 June 2013.
26. "Latvia to join the ESM on 13 March 2014". European Stability Mechanism. Retrieved 3 March 2014.
27. "How we decide". European Stability Mechanism. 25 May 2016. Retrieved 26 January 2023.
28. "Table on the ratification process of amendment of art. 136 TFEU, ESM Treaty and Fiscal Compact" (PDF). European Parliament. 30 July 2012. Retrieved 12 August 2012.
29. "Ratification requirements and present situation in the member states: Article 136 TFEU, ESM, Fiscal Stability Treaty". European Parliament (Policy Department). 13 September 2012. Retrieved 13 September 2012.
30. "ESM und Fiskalpakt nehmen Hürden im Nationalrat" (in German). National Council of Austria. 4 July 2012. Retrieved 18 July 2012.
31. "PK-Nr. 600/2012" (in German). Federal Council of Austria. 6 July 2012. Retrieved 18 July 2012.
32. "Bundespräsident Heinz Fischer unterzeichnet Fiskalpakt und ESM-Vertrag" (in German). President of Austria. 17 July 2012. Archived from the original on 13 August 2012. Retrieved 18 July 2012.
33. "Sénat de Belgique / Annales / JEUDI 7 JUIN 2012 - SÉANCE DE L'APRÈS-MIDI" (in French). Belgian Senate. 7 June 2012. Retrieved 18 July 2012.
34. "Belgisches Parlament stimmt für Rettungsfonds ESM" (in German). stern.de. 15 June 2012. Retrieved 18 July 2012.
35. "S. 5-1598 / Fiche du dossier / Ch. 53-2251" (in French). Belgian Senate. 9 July 2012. Retrieved 18 July 2012.
36. "10. saziv Hrvatskoga sabora (22.7.2020.)". Croatian Parliament. 20 January 2023. Retrieved 26 January 2023.
37. "Zakon o potvrđivanju Ugovora o osnivanju Europskog stabilizacijskog mehanizma između Kraljevine Belgije, Savezne Republike Njemačke, Republike Estonije, Irske, Helenske Republike, Kraljevine Španjolske, Francuske Republike, Talijanske Republike, Republike Cipra, Velikog Vojvodstva Luksemburga, Malte, Kraljevine Nizozemske, Republike Austrije, Portugalske Republike, Republike Slovenije, Slovačke Republike i Republike Finske". narodne-novine.nn.hr. Retrieved 10 March 2023.
38. Πρακτικά συνεδριάσεων ολομέλειας (Ι΄ Βουλευτική Περίοδος - Σύνοδος Α΄΄) (in Greek). House of Representatives of Cyprus. 31 May 2012. Archived from the original on 4 July 2012. Retrieved 18 July 2012. (Document "31-05-2012" must be downloaded.)
39. (in Greek)"ΕΠΙΣΗΜΗ ΕΦΗΜΕΡΙΔΑ / ΤΗΣ ΚΥΠΡΙΑΚΗΣ ΔΗΜΟΚΡΑΤΙΑΣ / ΠΑΡΑΡΤΗΜΑ ΠΡΩΤΟ / ΝΟΜΟΘΕΣΙΑ - ΜΕΡΟΣ III". Cyprus Government Gazette. 15 June 2012. Retrieved 18 July 2012.
40. "Riigikogu võttis vastu Euroopa stabiilsusmehhanismi asutamislepingu ratifitseerimise ja rakendamise seaduse" (in Estonian). Riigikogu. 30 August 2012. Retrieved 30 August 2012.
41. "Euroopa stabiilsusmehhanismi asutamislepingu ratifitseerimise ja rakendamise seadus 254 SE" (in Estonian). Riigikogu. 8 August 2012. Retrieved 19 August 2012.
42. "Finnish Parliament Approves ESM Treaty". The Wall Street Journal. 21 June 2012. Retrieved 18 July 2012.
43. "Regeringens proposition till riksdagen om godkännande av fördraget om inrättande av Europeiska stabilitetsmekanismen (ESM) och med förslag till lag om sättande i kraft av de bestämmelser i fördraget som hör till området för lagstiftningen" (in Finnish). Eduskunta. 29 June 2012. Retrieved 3 July 2012.
44. "The law of the European Stability Mechanism Treaty establishing a legislative regulations of the putting into effect (74/2012)" (in Finnish). Finlex. 29 June 2012. Retrieved 3 July 2012.
45. "L'Assemblée autorise la création du MES" (in French). Le Figaro. 21 February 2012. Retrieved 26 March 2012.
46. "Séance du 28 février 2012 (compte rendu intégral des débats)" (in French). Senate of France. 21 February 2012. Retrieved 26 March 2012.
47. "LOI n° 2012-324 du 7 mars 2012 autorisant la ratification du traité instituant le mécanisme européen de stabilité (1)" (in French). legifrance.gouv.fr. 8 March 2012. Retrieved 18 July 2012.
48. "Gauck unterzeichnet ESM-Gesetz und Fiskalpakt". Faz.net (in German). Frankfurter Allgemeine Zeitung. 13 September 2012. Retrieved 13 September 2012.
49. "German parliament approves euro crisis-fighting tools". StarAfrica.com. 29 June 2012. Archived from the original on 7 November 2012. Retrieved 18 July 2012.
50. "Bundespräsident Gauck hat ESM-Gesetze unterzeichnet" (in German). Handelsblatt. 13 September 2012. Retrieved 13 September 2012.
51. "Plenary Session 28/03/2012 in the Greek Parliament" (PDF) (in Greek). Hellenic Parliament. 28 March 2012. Retrieved 20 December 2012.
52. Κυρώθηκε από τη Βουλή ο ΜΜΣ - Κόντρα Σαχινίδη με Καρατζαφέρη (in Greek). ert.gr. 28 May 2012. Retrieved 18 July 2012.
53. "European Stability Mechanism Bill 2012: Report and Final Stages / Wednesday, 20 June 2012". Oireachtas. 20 June 2012. Retrieved 5 July 2012.
54. "Table of Contents / Wednesday, 27 June 2012". Oireachtas. 27 June 2012. Retrieved 18 July 2012.
55. "Legislation Signed by President Higgins". President of Ireland. 3 July 2012. Archived from the original on 3 November 2013. Retrieved 5 July 2012.
56. "Ue, il Senato ratifica il trattato sul nuovo fondo salva Stati Esm" (in Italian). blitzquotidiano.it. 12 July 2012. Retrieved 18 July 2012.
57. "Via libera a Fiscal compact e al meccanismo di stabilità a tutela dell'euro (Esm)" (in Italian). ilsole24ore.com. 19 July 2012. Retrieved 19 July 2012.
58. "Settimana 23 - 29 Luglio 2012 / ATTI NORMATIVI / PROMULGAZIONE DI LEGGI" (in Italian). Quirinale. 31 July 2012. Retrieved 13 September 2012.
59. "Nr: 991/Lp11 - Par Līgumu par Eiropas Stabilitātes mehānisma dibināšanu". Saeima. Retrieved 30 January 2014.
60. "Finansu ministrs: Pec iestasanas eirozona Latvijas daliba ESM ir passaprotama". Ministry of Finance of Latvia. 30 January 2014. Retrieved 30 January 2014.
61. "Latvija ratificē līgumu par Eiropas Stabilitātes mehānismu". Saeima. 30 January 2014. Retrieved 30 January 2014.
62. "Darba kārtība". Titania.saeima.lv. Retrieved 2 February 2014.
63. "Balsošanas rezultāti". Titania.saeima.lv. Retrieved 2 February 2014.
64. "Likums "Par Līgumu par Eiropas Stabilitātes mehānisma dibināšanu"". Saeima. 10 February 2014. Retrieved 10 February 2014.
65. "Constitution of the Republic of Lithuania". Seimas.
66. "LIETUVOS RESPUBLIKOS SEIMAS RYTINIO POSĖDŽIO PROTOKOLAS 2014-12-18 Nr. SPP-214" (in Lithuanian). Lithuanian Seimas of the Republic. 18 December 2014. Retrieved 6 January 2015.
67. "Lietuvos Respublikos įstatymas dėl Belgijos Karalystės, Vokietijos Federacinės Respublikos, Estijos Respublikos, Airijos, Graikijos Respublikos, Ispanijos Karalystės, Prancūzijos Respublikos, Italijos Respublikos, Kipro Respublikos, Latvijos Respublikos, Liuksemburgo Didžiosios Hercogystės, Maltos, Nyderlandų Karalystės, Austrijos Respublikos, Portugalijos Respublikos, Slovėnijos Respublikos, Slovakijos Respublikos ir Suomijos Respublikos Europos stabilumo mechanizmo steigimo sutarties ir su ja susijusių dokumentų ratifikavimo" (in Lithuanian). Lithuanian Seimas of the Republic. 18 December 2014. Retrieved 6 January 2015.
68. "Parlament sagt Ja zum neuen Rettungsschirm" (in German). tageblatt.lu. 26 June 2012. Retrieved 18 July 2012.
69. "Premier vote constitutionnel (Vote positif nr.2): En séance publique n°34" (PDF) (in French). Chambre des Députés (Luxembourg). 26 June 2012. Retrieved 20 December 2012.
70. "Act of 3 July 2012 (Published in A, No.135)" (PDF) (in French). Chambre des Députés (Luxembourg). 5 July 2012. Retrieved 20 December 2012.
71. "6405 - Bill approving the Treaty establishing the European Stability Mechanism (summary of the dossier)" (in French). Chambre des Députés (Luxembourg). 5 July 2012. Retrieved 20 December 2012.
72. "Minutes / Title: Parliamentary Debates in Plenary / Sitting Nr. 499 (File must be downloaded.)" (in Maltese). House of Representatives of Malta. 6 July 2012. Retrieved 18 July 2012.
73. "Acts Twede Kammer 2011-12: Meeting No.87 (point 9)" (in Dutch). Overheid.nl. 24 May 2012. Retrieved 14 June 2012.
74. "Kamer stemt in met ESM verdrag" (in Dutch). nu.nl. 24 May 2012. Retrieved 24 May 2012.
75. "Acts Eerste Kamer 2011-12: Meeting nr.36 (point 5)" (in Dutch). Overheid.nl. 3 July 2012. Retrieved 23 July 2012.
76. "Eerste Kamer stemt in met noodfonds voor euro" (in Dutch). z24.nl. 3 July 2012. Retrieved 3 July 2012.
77. "Wet van 5 juli 2012 houdende goedkeuring van het op 2 februari 2012 te Brussel tot stand gekomen Verdrag tot instelling van het Europees Stabiliteitsmechanisme" (in Dutch). Staatsblad van het Koninkrijk der Nederlanden. 5 July 2012. Retrieved 15 July 2012.
78. "Proposta de Resolução 28/XII" (in Portuguese). Assembly of the Republic. 19 June 2012. Retrieved 18 July 2012.
79. "Portugal ratifica Mecanismo Europeu de Estabilidade" (in Portuguese). sol.sapo.pt. 19 June 2012. Retrieved 4 July 2012.
80. "Slovak activist announces protest against ESM and golden parachutes Slovakia ratifies euro zone permanent bailout fund". Reuters. 22 June 2012. Retrieved 18 July 2012.
81. "Prezident SR podpísal medzinárodné zmluvy" (in Slovak). Kancelária prezidenta Slovenskej Republiky. 9 July 2012. Retrieved 18 July 2012.
82. "Glasovanje o zakonu v celoti / Evidenčni podatki" (in Slovenian). National Assembly (Slovenia). 19 April 2012. Retrieved 18 July 2012.
83. "ZADEVA: Besedila zakonov - razglasitev" (in Slovenian). National Assembly (Slovenia). 30 April 2012. Retrieved 18 July 2012.
84. "CORTES GENERALES / DIARIO DE SESIONES DEL CONGRESO DE LOS DIPUTADOS / PLENO Y DIPUTACIÓN PERMANENTE / Sesión plenaria núm. 30 celebrada el jueves 17 de mayo de 2012" (PDF) (in Spanish). Congress of Deputies (Spain). 17 May 2012. Retrieved 18 July 2012.
85. "CORTES GENERALES / DIARIO DE SESIONES SENADO / PLENO / Sesión celebrada el miércoles, 6 de junio de 2012" (in Spanish). Spanish Senate. 6 June 2012. Retrieved 18 July 2012.
86. "BOLETÍN OFICIAL DEL ESTADO / Jueves 4 de octubre de 2012" (PDF) (in Spanish). Boletín Oficial del Estado. 4 October 2012. Retrieved 5 October 2012.
87. "Beschluss des Europäischen Rates zur Änderung des Art. 136 AEUV hinsichtlich eines Stabilitätsmechanismus für die Mitgliedstaaten, deren Währung der Euro ist". Government of Austria (in German). Retrieved 13 September 2015.
88. "Wetgevingsstuk nr. 5-1536/1" (in Dutch). Belgian Senate. 9 July 2012. Retrieved 21 September 2012.
    "S.5-1536 Fiche du dossier Ch.53-2189" (in French). Belgian Senate. 9 July 2012. Retrieved 21 September 2012.
89. "Compte rendu avancé - Séance plénière" (PDF) (in French). p. 62.
90. "Ausfuhrlicher Bericht nr 35=German". Parliament of the German-speaking Community.
91. "Décret - 277 (2011-2012) - N° 1013".
92. "Fiche du document A-228/1-11/12".
    "Fiche van het stuk A-228/1-11/12".
93. "Fiche du document B-46/1-11/12".
    "Fiche van het stuk B-46/1-11/12".
94. "Parlementair dossier" (in Dutch).
95. "Plenary sittings (375): Vote on parliamentary groups" (PDF) (in Bulgarian). National Assembly of Bulgaria. 13 July 2012. Retrieved 11 December 2012.
96. "Law on Ratification of the European Council Decision of 25 March 2011 amending Article 136 of the TFEU" (in Bulgarian). National Assembly of Bulgaria. 23 July 2012. Retrieved 11 December 2012.
97. "The House approved a new eurozone rescue fund" (in Czech). Aktualne.cz. 5 June 2012. Retrieved 29 September 2012.
98. "Senát PÈR: 21. schùze, 17. hlasování, 25.04.2012". Senat.cz. 25 April 2012. Retrieved 2 February 2014.
99. "Sněmovní tisk 348-E Rozhodnutí Evropské rady - změna čl. 136 Sml. o fungování EU". Chamber of Deputies of the Parliament of the Czech Republic. Retrieved 5 January 2019.
100. "Czech President Zeman Signs Euro-Area's Permanent Bailout Fund". 3 April 2013. Archived from the original on 10 April 2013. Retrieved 3 April 2013.
101. "B 17 Forslag til folketingsbeslutning om Danmarks ratifikation af Det Europæiske Råds afgørelse af 25. marts 2011 om ændring af artikel 136" (in Danish). Folketinget. 23 February 2012. Retrieved 21 September 2012.
102. "Statsråd på Christiansborg Slot, kl.9.30, 21.marts 2012" (in Danish). Kongehuset. 21 March 2012. Retrieved 21 September 2012.
103. "Voting: Wednesday 08 August 2012 at 11:37" (in Estonian). Riigikogu press service. 8 August 2012. Retrieved 30 September 2012.
104. "Euroopa Liidu toimimise lepingu muudatuse ratifitseerimise seadus 237 SE" (in Estonian). Riigikogu press service. 14 August 2012. Retrieved 24 August 2012.
105. "Voting Session 1: Government proposal to Parliament of the European Union Treaty on the Functioning of Article 136 of acceptance" (in Finnish). Eduskunta.fi. 9 May 2012. Retrieved 30 September 2012.
106. "Vote No.109 (meeting on 28 February 2012)" (in French). Senate of France. 28 February 2012. Retrieved 22 October 2012.
107. "Analysis of the poll #860 (First meeting of 21/02/2012)" (in French). National Assembly of France. 21 February 2012. Retrieved 22 October 2012.
108. "Stability mechanism for the states of the euro area (Law nr.2012-323 of 7 March 2012)" (in French). Senate of France. 8 March 2012. Retrieved 22 October 2012.
109. "Plenarprotokoll Bundesrat" (PDF) (in German). Deutscher Bundesrat. 29 June 2012.
110. "Breite Mehrheit für Fiskalpakt und Rettungsschirm" (in German). Deutscher Bundestag. 29 June 2012. Retrieved 30 August 2012.
111. "Professional writing data for T/5950: Amending article 136 of the Treaty on the Functioning of the European Union (European Council Decision 2011/199/EU)" (in Hungarian). National Assembly of Hungary. 6 March 2012. Retrieved 19 December 2012.
112. "European Communities (Amendment) Bill 2012: Committee and Remaining Stages". Oireachtas. 27 June 2012. Retrieved 20 September 2012.
113. "European Communities (Amendment) Bill 2012: Report and Final Stages". Oireachtas. 19 June 2012. Retrieved 20 September 2012.
114. "European Communities (Amendment) Bill 2012". Oireachtas. Retrieved 20 September 2012.
115. "Par Eiropadomes lēmumu, ar ko Līguma par Eiropas Savienības darbību 136.pantu groza attiecībā uz stabilizācijas mehānismu valstīm, kuru naudas vienība ir euro". Saeima. 9 May 2012. Retrieved 12 November 2013.
116. "Session of the Parliament No.449 (12-06-2012, morning): Vote for - laws relating to the Treaty on the Functioning of Article 136" (in Lithuanian). Lithuanian Seimas of the Republic. 12 June 2012. Retrieved 30 September 2012.
117. "6334 - Bill approving the decision of the European Council of 25 March 2011 amending Article 136 of the TFEU (law dossier)" (in French). Chambre des Députés (Luxembourg). 5 July 2012. Retrieved 20 December 2012.
118. "Premier vote constitutionnel (Vote positif): En séance publique n°34" (PDF) (in French). Chambre des Députés (Luxembourg). 26 June 2012. Retrieved 20 December 2012.
119. "Parliamentary Debates in Plenary: Sitting Nr.503 (Minutes)" (in Maltese). Kamra tad-deputati (Malta Parlament). 2 October 2012. Retrieved 3 October 2012.
120. "House approves Malta's participation in ESM". Times Of Malta. 3 October 2012. Retrieved 3 October 2012.
121. "Acts Twede Kammer 2011-12: Meeting No.87 (point 8)" (in Dutch). Overheid.nl. 24 May 2012. Retrieved 14 June 2012.
122. "Officiële bekendmakingen: Wet van 5 juli 2012 houdende goedkeuring van het Besluit van de Europese Raad van 25 maart 2011 tot wijziging van artikel 136 van het Verdrag betreffende de werking van de Europese Unie met betrekking tot een stabiliteitsmechanisme voor de lidstaten die de euro als munt hebben" (in Dutch). Overheid.nl (Staatsblad van het Koninkrijk der Nederlanden). 5 July 2012. Retrieved 13 September 2012.
123. "Senate meetings: 30 May 2012" (in Polish). Senate of the Republic of Poland. 30 May 2012. Retrieved 19 December 2012.
124. "Sejm aprobuje pakt fiskalny". Lewica24.pl. Retrieved 2 February 2014.
125. "The government bill on the ratification of the European Council Decision No. 2011/199/UE of 25 March 2011 amending Article 136 of the TFEU..." (in Polish). Sejm. 26 June 2012. Retrieved 23 September 2012.
126. "Dz.U. 2012 nr 0 poz.748" (in Polish). Sejm. 17 July 2012. Retrieved 23 September 2012.
127. Constitution of Romania
128. "Avizul Conseliul Legislativ (Legislative Council opinion)" (PDF) (in Romanian). Romanian Chamber of Deputies. 1 November 2011. Retrieved 27 September 2012.
129. "Parliamentary Debates: Joint sittings of the Chamber of Deputies and the Senate of 12 June 2012 (5th Debate)" (in Romanian). Romanian Chamber of Deputies. 12 June 2012. Retrieved 27 September 2012.
130. "Chamber of Deputies legislative process: PL-x 764/2011" (in Romanian). Romanian Chamber of Deputies. 20 June 2012. Retrieved 27 September 2012.
131. "Sprejet Predlog (Ur.l. RS, št. MP 9/11)" (in Slovenian). National Assembly (Slovenia). 22 August 2011. Retrieved 30 September 2012.
132. "National Assembly 30th Regular meeting vote on 15/07/2011 at 20:35:27: EPA 1957-V" (in Slovenian). National Assembly (Slovenia). 15 July 2011. Retrieved 30 September 2012.
133. "Official Gazette 66/2011 of 22 August 2011: (49) Law on ratification of the European Council of 25 March 2011 amending Article 136 of the TFEU" (in Slovenian). Uradni-list.si (Official Journal). 22 August 2011. Retrieved 30 September 2012.
134. "Betänkande 2011/12:FiU40 Godkännande av Europeiska rådets beslut om ändring av artikel 136 i EUF-fördraget - stabilitetsmekanism för euroländer: (2) Godkännande av fördragsändring" (in Swedish). Riksdagen. 30 May 2012. Retrieved 10 October 2012.
135. "European Union (Approval of Treaty Amendment Decision) Bill HL 2012-13". Parliament.uk. 4 July 2012. Retrieved 24 August 2012.
136. "Constitutional Court: ESM Examination Takes up to 6 Months". FriedlNews. 25 July 2012. Retrieved 1 August 2012.
137. "Legal timebomb over ESM ticking in Austria too". Reuters. 10 September 2012. Archived from the original on 5 March 2016. Retrieved 10 September 2012.
138. "ESM and Fiscal consideration could take up to six months". Die Presse. 24 July 2012.
139. "ESM complaint reaches constitutional court". Kuwait News Agency. 19 October 2012. Retrieved 24 October 2012.
140. "Kärntner Regierung beschließt Klage gegen den ESM". Die Presse. 22 October 2012. Retrieved 24 October 2012.
141. "Decision [in Strache vs ESM case (G 104/12-8)]" (PDF) (in German). Austrian Constitutional Court. 25 February 2013. Retrieved 8 March 2013.
142. "Austrian Constitutional Court starts deliberations on ESM Treaty" (PDF). Austrian Constitutional Court. 20 February 2013. Retrieved 2 March 2013.
143. "ESM Treaty not unconstitutional" (PDF). Austrian Constitutional Court. 3 April 2013. Retrieved 3 April 2013.
144. "Senate urged Klaus to sign the EU rescue fund" (in Czech). Aktualne.cz. 6 December 2012. Retrieved 8 December 2012.
145. "Klaus: Euro-treaty I won't sign. I consider it monstrous thing" (in Czech). Aktualne.cz. 7 December 2012. Retrieved 8 December 2012.
146. "Czech upper house votes to impeach president Klaus". Reuters. 4 March 2013. Archived from the original on 5 March 2016. Retrieved 7 March 2013.
147. "Zeman took the oath as president. Intends to fight the godparents, neo-Nazis, and media" (in Czech). Idnes.cz. 8 March 2013. Retrieved 9 March 2013.
148. Lopatka, Jan (27 March 2013). "Czech court throws out treason charges against ex-president Klaus". Reuters. Retrieved 28 March 2013.^{[dead link‍]}
149. Rousek, Leos (12 January 2013). "Two Pro-EU Candidates Advance in Czech Election". Wall Street Journal. Retrieved 13 January 2013.
150. "New Czech president will approve ESM". 11 March 2013. Archived from the original on 15 May 2013. Retrieved 11 March 2013.
151. "President to sign ESM during Barroso's visit to Prague". Prague Daily Monitor. 21 March 2013. Retrieved 21 March 2013.
152. "Ceremoniál vytažení vlajky České republiky a vlajky Evropské unie a podpisu rozhodnutí Evropské rady měnící článek 136 Smlouvy o fungování Evropské unie - Pražský hrad". Hrad.cz. Retrieved 2 February 2014.
153. "Supreme Court of Estonia". Nc.ee. Retrieved 13 July 2012.
154. DELFI. "Õiguskantsler: riigikogu võtab endale 1,3 miljardi euro suuruse kohustuse, kuid ei tea millal ja mis mahus nad seda täitma hakkama peavad - DELFI". Delfi.ee. Retrieved 13 July 2012.
155. europe online publishing house gmbh - europeonline-magazine.eu (22 June 2012). "Estland: Urteil Ăźber Euro-Rettungsschirm ESM am 12. Juli | EUROPE ONLINE". Europeonline-magazine.eu. Retrieved 13 July 2012.
156. "Chancellor of Justice: Parliament Must Retain Power on ESM, Strategic Issues | Politics | News | ERR". News. 29 May 2012. Retrieved 13 July 2012.
157. "Supreme Court of Estonia". Nc.ee. 12 March 2012. Retrieved 13 July 2012.
158. Schäfers, Manfred. "Nach der Abstimmung zum ESM: Europa schaut nach Karlsruhe - Wirtschaftspolitik". Faz.net. FAZ. Retrieved 13 July 2012.
159. "Urteilsverkündung in Sachen "ESM/Fiskalpakt - Anträge auf Erlass einer einstweiligen Anordnung"" (in German). German Federal Constitutional Court. 16 July 2012. Retrieved 23 July 2012.
160. "Commission plays down risk of ESM ratification delay". EurActiv. 14 August 2012. Retrieved 14 August 2012.
161. Matussek, Karin (10 September 2012). "German Confidence in ESM Ruling Not Shaken by Last-Minute Motion". Bloomberg. Retrieved 10 September 2012.
162. Brown, Stephen (11 September 2012). "German top court rejects delay to euro ruling". The Globe and Mail. Retrieved 11 September 2012.
163. Peel, Quentin (12 September 2012). "German court backs ESM bailout fund". Financial Times. Retrieved 12 September 2012.
164. "Press release no. 67/2012 of 12 September 2012: Applications for the issue of temporary injunctions to prevent the ratification of the ESM Treaty and the Fiscal Compact unsuccessful for the most part". Bundesverfassungsgericht (Federal Constitutional Court). 12 September 2012. Retrieved 20 April 2013.
165. "German court backs ESM rescue fund in double-edged ruling". The Telegraph. 12 September 2012. Retrieved 12 September 2012.
166. "Press release no. 67/2012 of 12 September 2012". Federal Constitutional Court of Germany. 12 September 2012. Retrieved 15 September 2012.
167. "Ratification - English". General Secretariat of the Council of the European Union. Retrieved 26 July 2015.
168. "Eurozone approves German Court conditions on ESM treaty". The Economic Times. 27 September 2012. Retrieved 27 September 2012.
169. "Karlsruhe verhandelt im Juni über ESM-Klagen". Faz.net. Frankfurter Allgemeine Zeitung. 19 April 2013. Retrieved 19 April 2013.
170. "Accreditation Conditions and Information for Journalists and Visitors Concerning the Oral Hearing in the "ESM/ECB" Principal Proceedings". Federal Constitutional Court of Germany. 14 May 2013. Archived from the original on 20 October 2013. Retrieved 16 May 2013.
171. "Press Release No. 29/2013 of 19 April 2013: Hearing in the proceedings for ESM/ECB". Bundesverfassungsgericht (Federal Constitutional Court). 19 April 2013. Retrieved 20 April 2013.
172. "Principal Proceedings ESM/ECB: Pronouncement of the Judgment and Referral for a Preliminary Ruling to the Court of Justice of the European Union". Federal Constitutional Court of Germany. 7 February 2014. Archived from the original on 9 February 2014. Retrieved 12 February 2014.
173. "German court says won't rule this year on ECB bond-buying". Reuters. 21 November 2013. Retrieved 23 November 2013.
174. Demuth, Norbert (7 February 2014). "German judges refer ECB's bond-buying to European Court". Reuters. Retrieved 12 February 2014.
175. "Decisions". German Federal Constitutional Court. 18 March 2014. Archived from the original on 18 March 2014. Retrieved 18 March 2014.
176. "Constitutional Complaints and Organstreit Proceedings Against European Stability Mechanism and Fiscal Compact Without Success". German Federal Constitutional Court. 18 March 2014. Archived from the original on 18 March 2014. Retrieved 18 March 2014.
177. Treeck, Johanna (18 March 2014). "Update: German Constitutional Court Gives Green Light For ESM". Market News International. Retrieved 18 March 2014.
178. Carolan, Mary (10 July 2012). "Legal issue in Pringle case to be referred to EU court". Irish Times. Retrieved 13 July 2012.
179. "Treaty unconstitutional Supreme Court told". Irish Times. 25 July 2012.
180. Pringle v Government of Ireland [2012]IESC 47 at paragraph 3(i). The court indicated that it will give its reasons as a later date.
181. "Pringle challenge referred to European Court of Justice". Donegal Democrat. 26 July 2012. Retrieved 26 July 2012.
182. "Reference for a preliminary ruling from Supreme Court (Ireland) made on 3 August 2012 - Thomas Pringle v Government of Ireland, Ireland and the Attorney General (Case C-370/12)". InfoCuria (Case-law of the Court of Justice). 3 August 2012. Retrieved 23 October 2012.
183. "Order of the president of the court: Accelerated procedure in Case C‑370/12". InfoCuria (Case-law of the Court of Justice). 4 October 2012. Retrieved 23 October 2012.
184. "ESM, German Constitutional Court, Passing the hat onto Ireland". New Europe. 12 September 2012. Retrieved 16 September 2012.
185. "Case Information: Pringle (Case C-370/12)". InfoCuria (Case-law of the Court of Justice). Retrieved 23 October 2012.
186. "European court to hear ESM case". Irish Times. 23 October 2012. Retrieved 23 October 2012.
187. "The parliament of the fiscal pact ratification mode" (in Polish). Onet.biznes. 9 May 2012. Retrieved 26 September 2012.
188. "Parliamentary draft resolution on the procedure for granting consent to ratification of ... the amendment of Article 136 of the TFEU" (in Polish). Sejm. 10 May 2012. Retrieved 26 September 2012.
189. "PiS: wniosek do TK ws. ratyfikacji zmian w Traktacie z Lizbony" (in Polish). Onet.biznes. 26 July 2012. Retrieved 23 September 2012.
190. "Postępowanie przed Trybunałem Konstytucyjnym [The proceedings before the Constitutional Court]" (in Polish). Sejm. 1 August 2012. K-33/12. Retrieved 23 September 2012.
191. "The Constitutional Court: Case nr.K-33/12" (PDF) (in Polish). Sejm. 11 February 2013. Retrieved 18 February 2013.
192. "Komunikat prasowy po rozprawie dotyczącej ustawy o ratyfikacji decyzji Rady Europejskiej nr 2011/199/UE z 25 marca 2011 roku w sprawie zmiany art. 136 Traktatu o funkcjonowaniu Unii Europejskiej w odniesieniu do mechanizmu stabilności dla państw członkowskich, których walutą jest EURO" (in Polish). Constitutional Tribunal of the Republic of Poland. 26 June 2013. Retrieved 26 June 2013.

External links

• Official website
• Treaty text
• ESM explained