European Court of Justice judgment C-370/12 Pringle (Economic policy): Extracts

Type: NEWS   Référence: 90392   Durée: 00:02:55   Première transmission: 27/11/2012  Lieu: Luxembourg (town), Luxembourg - Court of Justice of the EC
Fin de production: 27/11/2012
On 2 February 2012 the euro area Member States3 concluded the Treaty establishing the European stability mechanism (ESM), which is to have full legal personality. The purpose of the ESM is to mobilise funding and provide stability support under strict conditionality, appropriate to the financial assistance instrument chosen, to the benefit of ESM Members which are experiencing, or are threatened by, severe financing problems. That support may be granted only if indispensable to safeguard the financial stability of the euro area as a whole and of its Member States. For that purpose, the ESM is to be entitled to raise funds by issuing financial instruments or by entering into financial or other agreements or arrangements with ESM Members, financial institutions or other third parties. The maximum lending capacity is set initially at €500 billion. The strict conditionality to which any support must be subject may take the form, notably, of a macro-economic adjustment programme or the obligation continuously to respect pre-established eligibility conditions. Mr Pringle, a member of the Irish Parliament, claims before the Irish courts that the amendment of the TFEU by a European Council decision – therefore using the simplified revision procedure – is unlawful. He claims that the amendment entails an alteration of the competences of the EU and is inconsistent with provisions of the Treaties on which the EU is founded4 concerning economic and monetary union and with general principles of EU law. Further, Mr Pringle claims that, by ratifying, approving or accepting. The Court of Justice approves the European stability mechanism (ESM) EU law does not preclude the conclusion and ratification of the Treaty establishing the ESM by the Member States whose currency is the euro

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00:00:00 Title 00:00:05
00:00:05 Exterior view of the European Court of Justice (2 shots) 00:00:11
00:00:16 Cutaway of the Courtroom (2 shots) 00:00:06
00:00:22 Arrival of the judges 00:00:28
00:00:50 SOUNDBITE by Vassilios Skouris, President of the Court of Justice reading the judgment C-370/12 Pringle (Economic policy) (In English) 00:01:56
00:02:46 General view of the courtroom 00:00:09
00:02:55 End 00:00:00
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