Crucial ESM court hearing set to start this coming Tuesday


October 21, 2012 by namawinelake

“It’s high time that we brought democracy and transparency to Europe – the fight’s not over yet” Deputy Thomas Pringle in July 2012 when the Irish Supreme Court referred to the European courts, three issues in his bid to stop the European Stability Mechanism

The European Stability Mechanism (ESM) was finally launched on 8th October, after two legal challenges – one in Germany, one in Ireland – both failed. However, whilst the bid by Donegal South-West TD, Thomas Pringle (pictured above) at Ireland’s High Court and subsequently, Supreme Court, failed to stop the launch of the ESM, his challenge still has the potential to put an end to the scheme, at least for now. The Supreme Court in Ireland referred a number of matters to Europe’s highest court, the Court of Justice of the EU (CJEU) in Luxembourg, and the oral hearing is set to commence this Tuesday on 23rdOctober, 2012. Whilst the hearing will not stop the scheduled payment of €258m into the scheme by Ireland tomorrow, the hearing does have the potential to stop the ESM in its tracks if the Court ultimately decides the manner in which the ESM has been created is incompatible with EU law. The Supreme Court in Ireland thought the matters were sufficiently arguable and legally feasible to allow it to refer these matters to Europe where they have been fast-tracked, though the Irish Supreme Court did not grant Deputy Pringle his request for an injunction halting progress of the ESM pending the ultimate outcome of the court hearings. This blogpost examines the issues, and will be the flagship blogpost on the subject with updates posted as the case progresses. The three matters which the Supreme Court in Ireland has referred to the CJEU are: 1. Is the ESM Treaty compatible with the EU Treaties? 2. Is the related decision by heads of government to amend the EU Treaties legally valid? 3. Can the ESM come into operation before the EU Treaty amendment comes into force (1st January 2013 at earliest)? Deputy Thomas Pringle has said he welcomes the fast-tracked hearing which will start on Tuesday and has said “I welcome the decision of the CJEU to use the accelerated procedure available to it to allow for an oral hearing in October. This shows that the Court recognises the urgency of this matter and its utmost importance to all EU states involved, including Ireland.” Deputy Pringle has stressed the potential exposure to Ireland of membership of the ESM. We seem to have formed the impression that money in the ESM will flow in only one direction to Ireland – that’s wrong, tomorrow €258m is set to be paid into the fund by Ireland and this will grow to over €1.25bn in the next 18 months. And the ESM commits us to pay in a maximum of €11bn to the scheme should things really get out of hand in Europe, and worse, the ESM allows itself the freedom to increase the uppermost cap. Though the hope here was that the ESM would be a backstop source of cheap funding when our IMF/EU programme expires at the end of 2013, tere is risk to Ireland from the ESM – it is not a one-way bet. Should Deputy Pringle be successful there will be an urgent need for European leaders to devise a lawful bailout mechanism, and you never know, we might have to have a new referendum in Ireland to approve such a mechanism. You can read the Irish Supreme Court decisions here and here. You can read the flagship blogpost on the High Court and Supreme Court hearings here. There will be updates here on the progress of the case.

via Crucial ESM court hearing set to start this coming Tuesday « NAMA Wine Lake.

via Crucial ESM court hearing set to start this coming Tuesday « NAMA Wine Lake.

About Old Boy

Love the past and the future but live in the present

Posted on October 21, 2012, in IMF/ECB and tagged , , , , , , , , , , . Bookmark the permalink. Leave a comment.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

MovieBabble

The Casual Way to Discuss Movies

OLD HOLLYWOOD IN COLOR

...because it was never black & white

LEANNE COLE

Art and Practice

CURNBLOG

Movies, thoughts, thoughts about movies.

FilmBunker

Saving you from one cinematic disaster at a time.

From 1 Blogger 2 Another

Sharing Great Blog Posts

Wonders in the Dark

Cinema, music, opera, books, television, theater

Just Reviews

Just another WordPress.com site

Mark David Welsh

Watching the strangest movies - so you don't have to...

conradbrunstrom

Things I never thunk before.

News from the San Diego Becks

The life and times of Erik, Veronica and Thomas

The Silent Film Quarterly

The Only Magazine Dedicated To Silent Cinema

Leaden Circles

First a warning, musical; then the hour, irrevocable. The leaden circles dissolved in the air.

My Archives

because the internet is not forever

CineSocialUK

Up to the minute, fair, balanced, informed film reviews.

PUZZLED PAGAN PRESENTS

A Shrine to Pop Culture Obsessiveness. With Lots of Spoilers

Thrilling Days of Yesteryear

“Nostalgia isn’t what it used to be” – Peter DeVries

thedullwoodexperiment

Viewing movies in a different light

Twenty Four Frames

Notes on Film by John Greco

Suzanne's Mom's Blog

Arts, Nature, Family, Good Works, Luna & Stella Birthstone Jewelry

It Doesn't Have To Be Right...

... it just has to sound plausible

NJ Corporate Portrait Photographer Blog

The life of a corporate portrait photographer who likes to shoot just about anything.

arwenaragornstar

A French girl's musings...

Jordan and Eddie (The Movie Guys)

Australian movie blog - like Margaret and David, just a little younger

Octopus Films

A place for new perspectives on films, TV, media and entertainment.

scifist 2.0

A sci-fi movie history in reviews

The Reviewer's Corner

The Sometimes Serious Corner of the Internet for Anime, Manga, and Comic Reviews

First Impressions

Notes on Films and Culture

1,001 Movies Reviewed Before You Die

Where I Review One of the 1,001 Movies You Should Watch Before you Die Every Day

Movies Galore of Milwaukee

Movie Galore takes a look at Silent films on up to current in development projects and gives their own opinion on what really does happen in film!

The Catwing Has Landed

A Writer's Blog About Life and Random Things

mibih.wordpress.com/

Anime - Movies - Wrestling

Gabriel Diego Valdez

Movies and how they change you.

The Horror Incorporated Project

Lurking among the corpses are the body snatchers....plotting their next venture into the graveyard....the blood in your veins will run cold, your spine tingle, as you look into the terror of death in tonight's feature....come along with me into the chamber of horrors, for an excursion through.... Horror Incorporated!

Relatos desde mi ventana

Sentimientos, emociones y reflexiones

Teri again

Finding Me; A site about my life before and after a divorce

unveiled rhythms

Life In Verses

Gareth Roberts

Unorthodox Marketing & Strategy

leeg schrift

Taalarmen

100 Films in a Year

12 months. 100 films. Hopefully.

%d bloggers like this: