4 Article 136 TFEU and the European
Stability Mechanism—the evidence
61. In October 2010 the European Council agreed
on the need for a permanent crisis mechanism, which became the
ESM. In preparation for an agreement to establish the ESM, on
25 March 2011 the European Council adopted a Decision amending
Article 136 TFEU.[111]
Recitals 2 and 3 of the Decision strongly suggest that the Treaty
amendment is a necessary precursor of the Treaty establishing
the ESM. This suggestion is reinforced by the European Council
Conclusions of October 2010 (paragraph 2), December 2010 (paragraph
1) and March 2011 (paragraph 16). And
it is further reinforced by the Prime Minister's statements to
the House following the October and December 2010 European Council[112]
and comments by the Minister
for Europe in the House's debate on the proposed amendment to
Article 136 TFEU.[113]
62. So we were extremely
surprised by the Financial Secretary to the Treasury's comment,
in his letter to us of 13 March, responding
to our enquiry as to whether, as the ESM was now to come into
force in July, ratification of the Treaty amendment would be brought
forward, that:
It is not legally necessary for the Article 136
Treaty change to have been made before the ESM can come into force.[114]
When we questioned the Minister about this he reiterated
that:
It [the Treaty amendment] is desirable, but I
do not think that it is necessary.[115]
111 See http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2011:091:0001:0002:EN:PDF Back
112
HC Deb, 1 November 2010, especially cols. 615, 621 and 624, and
20 December 2010, especially cols 1187 and 1195. Back
113
HC Deb, 16 March 2011, especially cols 421, 427 and 431. Back
114
Ev 74 Back
115
Q 196 Back
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