Tuesday, 22 May 2012

TD brings legal challenge against ESM treaty

INDEPENDENT TD THOMAS Pringle brought his challenge against the European Stability Mechanism (ESM) treaty to the High Court yesterday.
The ESM is the proposed permanent bailout fund for the eurozone.
The Donegal South West deputy has initiated proceedings, arguing that ratification of the ESM treaty – which is due to be brought before the Dáil in June and is separate to the fiscal compact – could mean Ireland would lose direct control over its financial affairs.
Speaking to TheJounal.ie today, Pringle said he believes it is important that the courts review the treaty in terms of the functioning of the EU.
“I think it is also important that the courts have their input on this,” he added.
He has agreed a timetable of document exchanges with the State, which will file its defence on or before 1 June. The next mention in court will be 6 June when a trial date will be confirmed.
Previously, Pringle has said that there is a possibility that the ESM treaty is unconstitutional and would therefore require a referendum in order for it to be passed.
The €7o0 billion fund could require Ireland to contribute up to €11.1 billion  in order to finance the bailouts of other countries – but the €700 billion figure can be raised at the prerogative of the ESM itself, with no apparent limit.

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