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Wednesday, 12 September 2012

ESM is here. Almost.

Like anything to do with the EU, the coming into force of the ESM pact is not exactly simple. Each nation must first ratify the pact to the point of assent from its Head of State, and then each nation must formally notify the Council of the European Union of this ratification. So there may be some confusion between my statement below that 3 nations have yet to sign-up (Germany, Italy and Estonia) and the statement in today's Der Spiegel report on the Constitutional Court's decision that only Germany is left. 

The official record of the Council HERE quite rightly shows three gaps for the missing nations. Italy granted Presidential assent on 23rd July and Estonia yesterday - but neither has yet notified the Council formally. Germany of course has yet to grant Presidential consent - but this is now a formality. As soon as both Italy and Germany notify, the pact can come into force. ESM is here.


hatfield girl said...

ESM first meeting has been called for 8 October 2012.

Anonymous said...

it won't work

Anonymous said...

The cunning jurists have made using the ESM extremely difficult in reality. "Holed below the waterline"@