| dbo:abstract |
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. The treaty stipulated that the organization would be established if member states representing 90% of its original capital requirements ratified the founding treaty. 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. 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. 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. (en) Het Verdrag tot oprichting van het Europees Stabiliteitsmechanisme is een overeenkomst tussen de lidstaten van de eurozone betreffende de oprichting van het Europees Stabiliteitsmechanisme. Het ESM is een internationale organisatie met als belangrijkste functie het verschaffen van financiële steun aan lidstaten in financiële moeilijkheden. Het hoofdkantoor is gevestigd in Luxemburg. Het ESM mag tot 500 miljard euro aan leningen uitgeven. De organisatie verving twee tijdelijke EU-steunprogramma's: de Europese Financiële Stabiliteitsfaciliteit (EFSF) en het (EFSM). Alle nieuwe bailouts binnen de Eurozone zullen worden gefaciliteerd door de ESM. De EFSF en het EFSM blijven verantwoordelijk voor de geldoverdrachten en het programmamanagement van de bailouts die voor 2012 plaatsvonden. (Griekenland, Ierland en Portugal) Het verdrag benadrukte dat de organisatie zou worden opgericht als de lidstaten (die 90% van het originele kapitaal van de organisatie vertegenwoordigen) het stichtingsverdrag zouden ratificeren. Duitsland was het laatste land binnen de Eurozone dat het verdrag op 27 september 2012 ratificeerde. Op diezelfde dag trad het verdrag in werking. Het ESM begon zijn werkzaamheden op 8 oktober 2012. Een onafhankelijk verdrag, dat een aanpassing van artikel 136 van het Verdrag betreffende de werking van de Europese Unie voorzag, moest op 1 januari 2013 in werking treden. Dit verdrag moest de oprichting van de ESM goedkeuren binnen het recht van de EU. Het werd echter pas op 23 april 2013 geratificeerd door Tsjechië en zodoende kon het verdrag pas op 1 mei 2013 effectief worden. (nl) |
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http://www.esm.europa.eu/ http://ec.europa.eu/economy_finance/articles/financial_operations/2011-07-11-esm-treaty_en.htm http://www.esm.europa.eu/pdf/ESM%20Treaty/20150203%20-%20ESM%20Treaty%20-%20EN.pdf |
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Ratification by signatories whose initial subscriptions represent no less than 90% of the total (en) Ratification by all European Union member states (en) |
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ESM Treaty (en) TFEU Article 136 amendment (en) |
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All Member States of the European Union (en) All Member States of the eurozone (en) |
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Treaty Establishing the European Stability Mechanism (en) European Council Decision amending Article 136 of the Treaty on the Functioning of the European Union (en) |
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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. (en) Het Verdrag tot oprichting van het Europees Stabiliteitsmechanisme is een overeenkomst tussen de lidstaten van de eurozone betreffende de oprichting van het Europees Stabiliteitsmechanisme. Het ESM is een internationale organisatie met als belangrijkste functie het verschaffen van financiële steun aan lidstaten in financiële moeilijkheden. Het hoofdkantoor is gevestigd in Luxemburg. Het ESM mag tot 500 miljard euro aan leningen uitgeven. (nl) |
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Verdrag tot oprichting van het Europees Stabiliteitsmechanisme (nl) Treaty establishing the European Stability Mechanism (en) |
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