By Etienne de Lhoneux, Christos A. Vassilopoulos
This publication offers an research of the judgment of the court docket of Justice of the ecu Union within the Pringle case. It makes a speciality of the 3 major elements of the ruling. First, it examines the a part of the judgment about the validity of the ecu Council determination 2011/199 - followed less than the simplified revision technique (Article 48(6) TEU) - which gives for the chance to set up a monetary balance mechanism. moment, it evaluates the hot ideas built by way of the courtroom so as to interpret agreements concluded completely by means of the member states, resembling the ESM Treaty. 3rd, it assesses the Court’s interpretation of the most provisions of the so-called fiscal pillar of the commercial and fiscal Union and the basic principles supplied for via the Treaties (nature of competence, monetary information, institutional stability, judicial assessment constitution of basic rights etc.) with reference to the ESM treaty provisions.
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Additional info for The European Stability Mechanism before the Court of Justice of the European Union: Comments on the Pringle Case
Fourthly, whether an international agreement such as the ESM Treaty is in breach of the so-called “no bail-out clause” provided for in Article 125 TFEU (Sect. 4). 1 The ESM Treaty and the perimeter of economic policies coordination (Articles 2 para 3, 119–121 and 126 TFEU) The national court, referring to the arguments of the parties, claimed that Articles 2 para 3, 119–121 and 126 TFEU confer on the Union the competence for the coordination of the economic policies of the Member States, and in this respect the permanent stability mechanism put in place by the ESM treaty encroaches upon the competence of the European Union.
4). 1 The ESM Treaty and the perimeter of economic policies coordination (Articles 2 para 3, 119–121 and 126 TFEU) The national court, referring to the arguments of the parties, claimed that Articles 2 para 3, 119–121 and 126 TFEU confer on the Union the competence for the coordination of the economic policies of the Member States, and in this respect the permanent stability mechanism put in place by the ESM treaty encroaches upon the competence of the European Union. In particular, the need to modify Article 136 TFEU through the European Council Decision 2011/199 itself demonstrates that a permanent stability mechanism could not be easily established under the existing legal framework provided for in the Treaties.
Future will tell whether this will be the case or not. Secondly, the CJEU pointed out that the “conditionality” of the financial assistance aims to ensure that the stability mechanism will operate in a way that will comply with European Union law, including the measures adopted by the EU in the context of the coordination of Member States’ economic policies. This is to be welcomed as it clarifies the content of the amendment proposed in Article 136 para 3 TFEU. For the CJEU the “conditionality” of the assistance is the evidence of the peculiar nature of Member States’ competence in the field of economic affairs.