BRATISLAVA, August 17, (WEBNOVINY) – The Cabinet on Wednesday greenlighted a Lisbon Treaty change vital to the establishment of the European Stabilization Mechanism. As a result, a paragraph that will enable the euro club members to create the bailout facility shall be added to the Treaty on the Functioning of the European Union. The ESM is to be activated to secure stability of the euro zone as a whole if necessary. The provision of any requested financial assistance will be governed by stringent conditions.
Following the Cabinet’s approval, the proposal will be sent to parliament. The material needs the support of more than seventy-five deputies. The ratification process at the national level will be completed with the signature of President Ivan Gasparovic plus a proposal for more measures. The procedure has to be concluded by late 2012, since the decision is to take effect as of January 1, 2013.
SITA