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2017 | OriginalPaper | Buchkapitel

Respecting the Democratic Principle in ESM Activities Related to the Context of the Economic and Financial Crisis

verfasst von : Pierluigi Simone

Erschienen in: Democracy in the EMU in the Aftermath of the Crisis

Verlag: Springer International Publishing

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Abstract

This chapter is dedicated to the European Stability Mechanism (ESM) and to its compliance with the democratic principle as set out in the European Union (EU) Treaties. Having been established outside the EU legal order, the ESM seems to be inconsistent with the democratic governance and the economic and social rights guaranteed to the EU citizens. The involvement of the EU institutions, the voting rules and the de facto absence of transparency are the main critical features of the ESM. The planned full transposition envisaged thereof into EU law might eventually grant the protection of the individuals’ rights involved in the Mechanism action and bring this organisation under a democratic control.

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Vorheriges Kapitel Does the Eurozone Need Its Own Parliament? Legal Necessity and Feasibility of a Eurozone Parliamentary Scrutiny

Nächstes Kapitel How the ECB Reinterpreted Its Mandate During the Euro-Crisis (and Why It Was Right in Doing So)

Ruffert (2011), p. 1783; Ohler (2012), p. 74 et seqq; Tomkin (2013), p. 66; Schwarz (2014), p. 400; von Bogdandy and Ioannidis (2014), p. 94; Mengozzi (2015), p. 561.

These bodies have a strongly intergovernmental nature and are composed of members with a governmental origin, devoid of individual autonomy. See Ruffert (2011), p. 1783; Rossi (2012), p. 302; Tuori and Tuori (2014), p. 94 et seq; Mengozzi (2015), p. 562; Daniele (2016), p. 265. The ESM also has a Board of Auditors, whose members are appointed by the Board of Governors.

The EFSF was imagined as a temporary crisis resolution mechanism by the Euro area Member States on 7 June 2010. It has provided financial assistance to Ireland, Portugal and Greece, through the issuance of bonds and other debt instruments on capital markets. The final EFSF assistance programme (for Greece) expired on 30 June 2015. The EFSM was instead an emergency funding programme relying upon funds raised on the financial markets and guaranteed by the European Commission, using the budget of the European Union as collateral. It was established under the Council Regulation (EU) No. 407/2010 of 11 May 2010, was managed under the supervision of the European Commission and was aimed at preserving financial stability in Europe by providing financial assistance to Member States of the European Union in economic difficulty. Cf. Ruffert (2011), p. 1779 et seq; Tomkin (2013), p. 66; Tuori and Tuori (2014), p. 90 et seqq; Cucchiara (2015), p. 107 et seq.

See Article 48 of the ESM Treaty (the full text of which is reproduced at www.esm.europa.eu). The current ESM Member States are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain. Latvia and Lithuania were not original signatories of the ESM Treaty but acceded to it later (on 21 February 2014 and 14 January 2015, respectively), after having adopted the Euro.

The Court of Justice, however, affirmed the ESM compatibility with several rules of the EU Treaties in the Pringle judgment: see below, Sect. 2.

See Tomkin (2013), p. 80.

Article 13, paras. 3 and 4, of the ESM Treaty. Cf. Micossi et al. (2011), p. 3 et seqq.

See Tomkin (2013), p. 80.

Tomkin (2013), pp. 65 and 74.

Ruffert (2011), p. 1790; Fasone (2012), p. 9; Rossi (2012), p. 302; Starita (2013), p. 56; Daniele (2016), p. 271. The European Parliament asked for an involvement in the negotiations with its resolution on “Conclusions of the European Council meeting (8–9 December 2011) on a draft international agreement on a Fiscal Stability Union” of 18 January 2012 (point 6), where insisted that “democratic accountability must be respected through a strengthening of Parliamentary participation in all aspects of European economic coordination and governance” (point 4). Cf. furthermore the resolution on “Draft European Council decision 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” of 23 March 2011.

Articles 4, para. 4, 5, para. 3, 6, para. 2, and 13, paras. 1, 3, 4 and 7, of the ESM Treaty. See Peroni (2012), p. 166; Daniele (2016), pp. 267 and 269.

ECJ 27 November 2012, Case C-370/12, Pringle. This judgment has given rise to numerous comments. Cf., among the others, Thym and Wendel (2012), p. 733 et seqq; Craig (2013), p. 3 et seqq; de Witte and Beukers (2013), p. 805 et seqq; Martucci (2013), p. 239 et seqq; Tomkin (2013), p. 68 et seqq; Keppenne (2014), p. 186 et seqq; Mengozzi (2015), p. 565 et seqq.

Protocol No. 4 to the TEU and TFEU, in OJEU C 202, 7 June 2016, pp. 232 and 239 et seq.

ECJ 27 November 2012, Pringle, para. 158. See also ECJ 10 April 1992, opinion 1/92, Draft agreement between the Community and the Countries of the European Free Trade Association relating to the creation of the European Economic Area, paras. 32 and 41; 30 June 1993, Joined Cases C-181/91 and C-248/91, Parliament v. Council and Commission, paras. 16, 20 and 22; 2 March 1994, Case C-316/91, Parliament v. Council, paras. 26, 34 and 41; 18 April 2001, opinion 1/00, Proposed agreement between the European Community and non-Member States on the establishment of a European Common Aviation Area, para. 20; 8 March 2011, opinion 1/09, Agreement creating a Unified Patent Litigation System, para. 75. Cf. on the matter Rossolillo (2012), p. 14 et seq; de Witte (2013), p. 82 et seqq: he points out, in particular, that the role given to the European Commission and the ECB by Article 13 of the ESM Treaty to negotiate and monitor the MoUs with Countries benefiting from fiscal support is based on the existing model created by Article 3, para. 5, of Council Regulation (EU) No. 407/2010 (already cited above, footnote 3) establishing the EFSM. See furthermore Peers (2013), p. 49 et seqq; Tomkin (2013), p. 73 et seq; Cucchiara (2015), p. 121.

Fasone (2012), p. 9 et seqq; Tuori (2012), p. 45; Dawson and de Witte (2013), p. 829; Caruso and Morvillo (2014), p. 699 et seqq; Cucchiara (2015), p. 121 et seq; Mengozzi (2015), p. 571.

Mengozzi (2015), p. 571.

Chiti and Gustavo Teixeira (2013), p. 683 et seqq; Keppenne (2014), p. 203; de Witte (2015), p. 434 et seqq.

Tufano and Pugliese (2014), p. 325 et seqq; Cucchiara (2015), pp. 113 and 128; Mengozzi (2015), pp. 572 et seq. and 575 et seq.

See Starita (2013), p. 58.

See Article 8 of the TSCG. The full text of the TSCG is published in www.consilium.europa.eu; cf. about it, inter alii, Baratta (2012), Craig (2012), de Streel and Etienne (2012), Peers (2012), Rossi (2012).

See recital 16 of the Preamble of the ESM Treaty. Cf. also ECJ 27 November 2012, Pringle, para. 171, and Rossi (2012), p. 305; de Witte (2013), p. 83.

ECJ 27 November 2012, Pringle, paras. 172 and 175.

Daniele (2016), p. 265. The (indirect) control over the legitimacy of decisions issued by ESM bodies would fall under the jurisdiction of the Court of Justice if such a question should arise in the context of a dispute between an ESM Member and the ESM, or between ESM Members, pursuant to para. 2 of Article 37: cf. Cucchiara (2015), p. 127 et seq.

Cf. Starita (2013), p. 57.

Cf. Starita (2013), p. 57 et seq.

In OJEU C 202, 7 June 2016, p. 389 et seqq.

See Martucci (2013), p. 264 et seq; Schwarz (2014), p. 398 et seqq; Cucchiara (2015), p. 127; Mengozzi (2015), pp. 567 et seq. and 572.

OJEU C 202, 7 June 2016, p. 403. Cf. the Explanations on Article 47 ibid., C 303, 14 December 2007, p. 29 et seq.

See Article 51, para. 1, of the Charter of Fundamental Rights of the European Union.

ECJ 27 November 2012, Pringle, para. 180.

ECJ 27 November 2012, Pringle, para. 181.

See the View of Advocate General Juliane Kokott about Case C-370/12, Thomas Pringle v. Government of Ireland, Ireland and the Attorney General, delivered on 26 October 2012, paras. 176, 193 and 194. Cf. also Peers (2013), p. 51 et seqq; Mengozzi (2015), p. 567 et seq.

Article 32, para. 4, of the ESM Treaty.

See Tomkin (2013), p. 80; Schwarz (2014), p. 419 et seqq; Cucchiara (2015), p. 127 et seq; Mengozzi (2015), p. 572.

EGC order 16 October 2014, Case T-327/13, Mallis and Malli, paras. 46, 50, 62 and 66; order 16 October 2014, Case T-328/13, Tameio Pronoias Prosopikou Trapezis Kyprou, paras. 46, 50, 62 and 66; order 16 October 2014, Case T-329/13, Chatzithoma and Chatzithoma, paras. 46, 50, 62 and 66; order 16 October 2014, Case T-330/13, Chatziioannou, paras. 46, 50, 62 and 66; order 16 October 2014, Case T-331/13, Nikolaou, paras. 46, 50, 62 and 66; order 16 October 2014, Case T-332/13, Christodoulou and Stavrinou, paras. 46, 50, 62 and 66.

Cf. on the matter Mengozzi (2015), p. 572.

Article 4, para. 2, of the ESM Treaty. See Mengozzi (2015), p. 562.

Articles 4, para. 3, and 5, para. 6, of the ESM Treaty.

Article 5, para. 7, of the ESM Treaty. About the immunity of the members of the Board of Governors, the Board of Directors and the Managing Director pursuant to Article 35, para. 1, of the ESM Treaty, see above, Sect. 2.

Article 6, para. 5, of the ESM Treaty.

Article 4, para. 4, of the ESM Treaty. See Peroni (2012), p. 168; Tuori and Tuori (2014), p. 95.

Article 4, para. 6, of the ESM Treaty.

Article 4, para. 7, of the ESM Treaty.

Article 8, para. 1, of the ESM Treaty. See Peroni (2012), p. 167; Tomkin (2013), p. 66; Tuori and Tuori (2014), p. 95.

Articles 8, paras. 2 and 4, and 9 of the ESM Treaty. See Ruffert (2011), p. 1784; Tuori and Tuori (2014), p. 95; Mengozzi (2015), p. 561.

Article 8, para. 4, of the ESM Treaty. The “contribution key”, provided for by Article 11, is calculated for every Member State in Annex I to the same Treaty.

By Annex II to the ESM Treaty, the number of shares (and the correspondent percentage of contributions in the authorised capital stock) held by Member States, are: Germany, 1,900,248 (27.14%); France, 1,427,013 (20.38%); Italy, 1,253,959 (17.91%); Spain, 833,259 (11.90%); Netherlands, 400,190 (5.71%); Belgium, 243,397 (3.47%); Greece, 197,169 (2.81%); Austria, 194,838 (2.78%); Portugal, 175,644 (2.50%); Finland, 125,818 (1.79%); Ireland, 111,454 (1.59%); Slovakia, 57,680 (0.82%); Slovenia, 29,932 (0.42%); Luxembourg, 17,528 (0.25); Cyprus, 13,734 (0.19%); Estonia, 13,020 (0.18%); Malta, 5,117 (0.07%). Cf. Peroni (2012), p. 168 et seq; Ginter and Narits (2013), p. 65 et seqq; Tuori and Tuori (2014), p. 95; Mengozzi (2015), p. 562.

Article 4, para. 8, of the ESM Treaty.

See Rossi (2012), p. 302, cited by Mengozzi (2015), p. 563. Cf. also Peroni (2012), p. 168.

Cf. Article III of the Articles of Agreement of the International Monetary Fund, adopted in Bretton Woods on 22 July 1944.

For these considerations, see Peroni (2012), p. 169.

About the general principle of transparency in the EU legal order, see Driessen (2012).

In OJEC L 145, 31 May 2001, p. 43 et seqq.

Cf. Maubernard (2011), p. 498 et seqq; Starita (2011), p. 15 et seqq; von Bogdandy (2012), p. 315 et seqq.

Cf. Cucchiara (2015), p. 113; De Nes (2015), pp. 131 and 133; Daniele (2016), p. 260 et seq.

Poiares Maduro et al. (2012), p. 10; Tuori (2012), p. 47; De Nes (2015), p. 133; Hinarejos (2015), p. 95 et seq.

See Hinarejos (2015), p. 26, and also De Nes (2015), p. 131.

Perustuslakivaliokunta, opinion of 7 June 2012 (PeVL 13/2012), available on the Internet at www.eduskunta.fi.

See Tuori and Tuori (2014), p. 219, as reported by De Nes (2015), p. 134. On the opinion of the Finnish Constitutional Law Committee see also Leino Sandberg and Salminen (2014), p. 40.

Bundesverfassungsgericht, judgment of 12 September 2012 (2 BvR 1390/12), available on the Internet at www.bundesverfassungsgericht.de. Cf. on it Wendel (2013), p. 37 et seqq; Schwarz (2014), p. 402 et seqq; Mengozzi (2015), p. 563 et seqq.

Bundesverfassungsgericht, judgment of 12 September 2012, paras. 135, 136 and 152. Cf. Schneider (2013), p. 54; Majone (2014), p. 146; Rivosecchi (2014), p. 480; Tuori and Tuori (2014), p. 219; Cucchiara (2015), pp. 115 and 129; De Nes (2015), p. 135.

Bundesverfassungsgericht, judgment of 12 September 2012, para. 156. See Cucchiara (2015), pp. 115 and 129; De Nes (2015), p. 135; Mengozzi (2015), p. 564; Tosato (2016), p. 226 et seq.

See above, Sect. 3 and footnotes 40 and 41.

Article 30, para. 5, of the ESM Treaty.

De Nes (2015), p. 134 et seq.

See, in this sense, De Nes (2015), p. 135.

See Article 5, para. 2, b, of the Guideline on Precautionary Financial Assistance of 9 October 2012; Article 5, para. 1, of the Guideline on the Secondary Market Support Facility of 9 October 2012; point 3 of the Terms and Conditions on Capital Calls of 9 October 2012; Article 12, para. 1, of the Guideline on Financial Assistance for the Direct Recapitalisation of Institutions of 8 December 2014; clause 6.7, a, ii, of the General Terms for ESM Financial Assistance Facility Agreements of 15 December 2015; clauses 5.1 and 7.2 of the Standard Facility Specific Terms for ESM Financial Assistance Facility Agreements of 15 December 2015; point 5.2 of the High-level Principles for Risk Management of 22 December 2015. All these documents have been adopted by the Board of Directors according to Articles 9, 14, 15, 18 and 21 of the ESM Treaty.

The By-Laws and the Code of Conduct can be found at www.esm.europa.eu.

Article 17, para. 6, of the By-Laws.

See Article 17, paras. 2 and 5, of the By-Laws. Cf. De Nes (2015), p. 136.

De Nes (2015), p. 136. The Board of Governors also publishes an annual report on the main activities of the ESM on its official website (Article 23, para. 3, of the ESM Treaty). Furthermore, according to Article 17, para. 12, of the By-Laws, “The Board of Directors, acting by qualified majority, shall adopt detailed guidelines reflecting the ESM’s policy regarding the matters referred to in this Article 17.”. Such guidelines do not appear to have been arranged yet.

Article 17, para. 13, of the By-Laws. See De Nes (2015), p. 136.

De Nes (2015), p. 135 et seq.

De Nes (2015), p. 136.

See Ruffert (2011), Dawson and de Witte (2013), Schwarz (2014), Salomon (2015). All these Authors are cited in De Nes (2015), p. 131.

See Tomkin (2013), p. 79.

Cucchiara (2015), pp. 112 and 128 et seqq.

Cucchiara (2015), p. 129.

Cf. Tomkin (2013), p. 80; De Nes (2015), p. 132. About the potential of economic conditions attaching to the ESM financial assistance to directly impact on citizen’s social rights (despite in these cases the Court of Justice has lacked jurisdiction to hear and determine the requests for a preliminary ruling because of a national legislation not amounting to measures giving effect to EU law), see ECJ order 14 December 2011, Case C-434/11, Corpul Naţional al Poliţiştilor, para. 15; order 10 May 2012, Case C-134/12, Corpul Naţional al Poliţiştilor-Biroul Executiv Central, para. 12; order 7 March 2013, Case C-128/12, Sindicato dos Bancários do Norte, para. 11; order 26 June 2014, Case C-264/12, Sindicato Nacional dos Profissionais de Seguros e Afins, para. 20.

Cf. the reference made by Mengozzi (2015), p. 561, footnote 44.

See Ruffert (2011), pp. 1783 and 1789; Schwarz (2014), p. 391, footnote 5; Tuori and Tuori (2014), p. 94; Cucchiara (2015), p. 116. Cf. also Louis (2012), pp. 298 and 319, who warns: “[…] It is an embryo of the regional sui generis EMF (European Monetary Fund) that will be born.”.

Tuori and Tuori (2014), p. 218; De Nes (2015), p. 131.

See Ruffert (2011), p. 1790; Tuori (2012), p. 47; Schwarz (2014), p. 402; De Nes (2015), p. 133 et seq.

The opening of the negotiations for the ESM Treaty made it necessary to approve an amendment of the EU primary law because it was claimed that ESM itself would not be compatible with the so-called “no bailout clause” referred to in Article 125 TFEU. The new Article 136, para. 3, TFEU, which was adopted by the European Council with Decision 2011/199/EU of 25 March 2011 in the framework of the simplified revision procedure envisaged by Article 48, para. 6, TEU, authorised the establishment of the ESM and entered into force on 1 May 2013. See Ruffert (2011), p. 1782 et seq; de Witte (2011), p. 1 et seq. and (2013), p. 82; Peroni (2012), p. 163 et seqq; Tomkin (2013), p. 67; Tuori and Tuori (2014), p. 94; Cucchiara (2015), p. 109; Mengozzi (2015), p. 563.

Tomkin (2013), p. 81.

In the medium-term, between 2017 and 2025, it is envisaged that the ESM Treaty should become, from an intergovernmental agreement as it is now, a mechanism fully integrated into the EU law. It should be applying to all Eurozone Member States, so that the ESM could be governed more smoothly by the EU institutions under the competence provided for by the amended Article 136 TFEU. See Juncker et al. (2015), pp. 18 and 21.

See Cucchiara (2015), p. 132 et seq.

Schwarz (2014), p. 418 et seqq; Cucchiara (2015), p. 133; Mengozzi (2015), p. 573.

OJEU L 140, 27 May 2013, p. 1 et seqq.

Cf. Mengozzi (2015), p. 576 et seq.

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Titel: Respecting the Democratic Principle in ESM Activities Related to the Context of the Economic and Financial Crisis
verfasst von: Pierluigi Simone
Verlag: Springer International Publishing
Buch: Democracy in the EMU in the Aftermath of the Crisis
Print ISBN: 978-3-319-53894-5

Electronic ISBN: 978-3-319-53895-2

Copyright-Jahr: 2017
DOI: https://doi.org/10.1007/978-3-319-53895-2_10