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Bailout fund challenge by TD dismissed in Luxembourg

The European Court of Justice in Luxembourg has approved the European Stability Mechanism (ESM) b...
Newstalk
Newstalk

09.56 27 Nov 2012


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Bailout fund challenge by TD d...

Bailout fund challenge by TD dismissed in Luxembourg

Newstalk
Newstalk

09.56 27 Nov 2012


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The European Court of Justice in Luxembourg has approved the European Stability Mechanism (ESM) bailout fund after it was challenged by an Independent TD.

The Supreme Court here had referred 3 questions to the EU court on foot of a case taken by Donegal South-West Deputy Thomas Pringle.

However the court has found EU law does not preclude the conclusion and ratification of the treaty.

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In a ruling read out to cameras the European Court of Justice judges said there was "nothing capable of affecting the validity" of the treaty setting up the ESM.

Pringle 'disappointed' at ruling

The October launch of the ESM which was immediately given a top-grade 'AAA' rating "marks an historic milestone in shaping the future of monetary union" Luxembourg Prime Minister and fund chairman Jean-Claude Juncker said at the time.

The board of the body is made up of the Finance Ministers of the 17 countries that share the currency.

It was initially due to enter force on July 1st but was delayed by a challenge in Germany. 

However the Constitutional Court there also gave the ESM the go-ahead in September.

Speaking to Highland Radio this morning Deputy Pringle gave his reaction to the news.


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