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Economic Dictatorship. The European Stability Mechanism

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Published on Apr 22, 2012

http://www.european-council.europa.eu...

video put together off draft version,link above is the signed treaty.
ARTICLE 32
Legal status, privileges and immunities
1. To enable the ESM to fulfil its purpose, the legal status and the privileges and immunities set
out in this Article shall be accorded to the ESM in the territory of each ESM Member. The ESM
shall endeavour to obtain recognition of its legal status and of its privileges and immunities in other
territories in which it performs functions or holds assets.
2. The ESM shall have full legal personality; it shall have full legal capacity to:
(a) acquire and dispose of movable and immovable property;
(b) contract;
(c) be a party to legal proceedings; and
(d) enter into a headquarter agreement and/or protocols as necessary for ensuring that its legal
status and its privileges and immunities are recognised and enforced.
3. The ESM, its property, funding and assets, wherever located and by whomsoever held, shall
enjoy immunity from every form of judicial process except to the extent that the ESM expressly
waives its immunity for the purpose of any proceedings or by the terms of any contract, including
the documentation of the funding instruments.
4. The property, funding and assets of the ESM shall, wherever located and by whomsoever
held, be immune from search, requisition, confiscation, expropriation or any other form of seizure,
taking or foreclosure by executive, judicial, administrative or legislative action.
5. The archives of the ESM and all documents belonging to the ESM or held by it, shall
be inviolable.

The Fiscal Compact requires its parties to introduce a national requirement to have national budgets that are in balance or in surplus. The European Court of Justice would fine a country up to 0.1 % of GDP if this was not done a year after ratification
In 2007 former president of the European Central Bank (ECB) Jean-Claude Trichet proposed that the EU adopts a form of fiscal union to ensure prudent fiscal policies across all member states
A mechanism will be put in place for the ex ante reporting by Member States of their national debt issuance plans.
Acceleration of the ESM treaty ratification and entry into force, as well as amendments to it.
EU's highest court will be able to fine a country that does not adopt a standardised balanced budget rule in its constitution - with a penalty equivalent to up to 0.1% of GDP. The money goes either to the ESM (if a Euro country is fined) or to the general EU budget (in case of fines imposed on non-eurozone signatories).
In March 2011, the European Parliament approved the treaty amendment after receiving assurances that the European Commission, rather than EU states, would play 'a central role' in running the ESM, despite wishing it had been more involved earlier
Critics say the ESM severely confines the economic sovereignty of its member states and criticise that it provides extensive powers and IMMUNITY to the board of ESM Governors without parliamentary influence or control.
The Chief Executive Officer of the EFSF is Klaus Regling, a former Director General of the European Commission's Directorate General for Economic and Financial Affairs, having previously worked at the IMF and the German Ministry of Finance.
IT IS A HAND OVER OF POWER TO THE BANKS WHERE THEY WILL BE IMMUNE FROM ANY COURTS OR LAWS.

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