United Kingdom

VIII - ESM Treaty

The European Stability Mechanism (ESM) Treaty was signed on July 11 2011. It was later renegotiated and a new ESM Treaty was signed on February 2, 2012. The Treaty provides a permanent emergency fund that is intended to succeed the temporary emergency funds. It entered into force on September 27, 2012 for 16 contracting parties (Estonia completed ratification on October 3). The 17 contracting parties are the member states of the Eurozone, but the ESM Treaty is concluded outside EU law. 
(
http://www.european-council.europa.eu/eurozone-governance/esm-treaty-signature?lang=it and       http://www.esm.europa.eu/pdf/FAQ%20ESM%2008102012.pdf)

Negotiation
VIII.1
What political/legal difficulties
did the United Kingdom encounter in the negotiation of the ESM Treaty, in particular in relation to the implications of the treaty for (budgetary) sovereignty, constitutional law, socio-economic fundamental rights, and the budgetary process.

The UK is not part of the Eurozone

Ratification
VIII.2
How has the ESM Treaty been ratified in the United Kingdom and on what legal basis/argumentation?

Not applicable.

Ratification difficulties   
VIII.3
What political/legal difficulties
did the United Kingdom encounter during the ratification of the ESM Treaty?

Not applicable.

Case law  
VIII.4
Is there a (constitutional) court judgment on the ESM Treaty?

Not applicable.

Capital payment         
VIII.5
What is the role of Parliament in the payment of the (first instalment of) paid-in capital required by the ESM Treaty (article 36 ESM Treaty)? What relevant debates have arisen in relation to this payment?

Not applicable.

Application & Parliament       
VIII.6
What is the role of Parliament in the application of the ESM Treaty, for example with regard to decisions to grant financial assistance and the disbursement of tranches, which both require unanimous adoption by the Board of Governors composed of the national Finance Ministers?

Not applicable.

Application difficulties     
VIII.7
What political/legal difficulties
did the United Kingdom encounter in the application of the ESM Treaty?

Not applicable.

Implementation
VIII.8

Have there been any relevant changes in national legislation in order to implement or to comply with requirements set by the ESM-Treaty?

Not applicable.

Miscellaneous
VIII.9
What other information is relevant with regard to the United Kingdom and the ESM Treaty?

Not applicable.