The Government has begun the process of ratifying the European Stability Mechanism treaty today following a Supreme Court judgment rejecting an application to stop the process.
The documents required to begin the ratification process with the general secretariat of the council of the EU in Brussels were lodged by the Irish Embassy to the European Union this morning after being signed by Tánaiste and Minister for Foreign Affairs and Trade Eamon Gilmore.
A diplomatic note was also delivered concerning the Government's approval of the European Council decision of March 25th amending Article 136 of the Treaty on the Functioning of the European Union with regard to a stability mechanism for member-states whose currency is the euro.
The Supreme Court yesterday refused to grant Independent TD Thomas Pringle an injunction restraining the Government from ratifying the ESM treaty before the European Court of Justice rules on its lawfulness. The treaty provides for a bailout fund for distressed euro zone states.
Welcoming the start of the ratification process, Fine Gael TD Damien English, said it gave Ireland enhanced financial security into the future.
“This brings Ireland a step closer to copper-fastening access to the €500 billion in funds which the ESM has the capacity to lend,” Deputy English said in a statement.
“The security that access to this fund brings, not only for foreign investors but also for the markets, is crucial to ensuring that investment in Ireland continues, and that the jobs we so badly need can be created.
“The Irish people’s strong endorsement of the Stability Treaty back in May acknowledged the importance of having access to Europe’s new emergency fund, the ESM, should we need it. “
He added: “Ratifying the ESM Treaty will give us peace of mind regarding how we will fund ourselves, and how we will pay our doctors, teachers and nurses in the years ahead, should external factors hinder us from doing so.”
