http___www.izaogledala.com_aktuelnosti_5900-esm-cijepa-europsku-uniju_1.xml
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uropean Stability Mechanism (ESM), which is Europe’s permanent rescue facility, is expected to come into force on October 8. But it is expected to be up and running only by the end of this month. Markets are expecting that, between this weekend and the month-end, Spain may make a request for a full fledged bailout. In an interview to CNBC-TV18’s Menaka Doshi, Trevor Williams, Lloyds Bank talks about how the ESM will work in general and in the phase of a Spanish bailout request. Below is the edited transcript of the interview on CNBC-TV18. Q: The European Financial Stability Facility (EFSF) will be folded into the ESM. The ESM is expected to become operational only by month end. A: Yes. The EFSF will be folded into the ESM. The ESM will be the new mechanism for any transactions that will be conducted. So, the Troika effectively will work through the ESM to conduct open market operations. The ESM clearly won't be a borrowing vehicle. So, it will be capitalised. It will have funds available to do a certain amount of spending according to whatever deal is done. Although in theory the ESM starts next week, in practice it is going to take longer than this partly because some of the processes have still to be solidified and agreed. The key one is the disbursements of funds and the way that will work with the ECB. So, in practice, it probably is not going to start until next year. There are still a few procedural hurdles to get through before it becomes effectively operational. Q: How much fire power will the ESM have? The treaty seems to indicate between 500-700 billion euros. Will 700 billion euros be enough? A: Absolutely. I think that the way folks are thinking about is that the EFSF will have money in it. The ESM is capitalised to 500 billion euros. There is roughly something of the order of 150-200 billion euros or so in the EFSF. So, effectively it should have approaching 700 billion euros available. But, in practice, it may be less than this partly because of the structural some of the bailouts which have been done and the way that this money is being disbursed. In the short, it spent according to certain timetables and the quarterly draw downs so that some of the money in theories tied up in current deals, for example, to Portugal and to Greece. So, it is not new money that is available for a new lender. effectively the new lending is still around the 500 billion euros mark. The question is whether or not there is any ability within the ESM to borrow on top of that.
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Nakon Njemačke, protiv Europskog stabilizacionog mehanizma (ESM) sada stiže tužba i iz Irske. Rasprava u slučaju "Pringl protiv ESM-a" se neće voditi pred nacionalnim sudom, već pred europskim… Tomas Pringl, nezavisni poslanik Donjeg doma irskog parlamenta, čistokrvni je političar. Na elektronsku poštu odgovara sam, njegove aktivnosti možete pratiti na Facebooku, na njegovoj internet stranici i, naravno, u irskim medijima. Njegov trenutno najvažniji projekt jeste tužba protiv Europskog stabilizacionog mehanizma (ESM): "Smatram da taj mehanizam nije u interesu Irske. ESM je koncipiran tako da cijepa Europsku uniju i na kraju bi mogao da je uništi. Ne treba zaboraviti da su strukture EU iz dobrih razloga takve kakve jesu. EU mora oprezno izbalansirati svoje odluke koje moraju poštovati prava svih i zakone - kao što to piše u njenim ugovorima." Pringlovu tužbu je prvobitno odbio nadležni Visoki sud, pa se on obratio Najvišem sudu Irske. Njegovi argumenti protiv ESM glase: irska vlada je prekoračila svoja izvršna prava kada je odobrila ESM, a ministar finansija je u Savjetu guvernera ESM dobio ovlaštenja koja se kose sa irskim Ustavom. Osim toga, ESM je novi instrument koji se nalazi van ugovora EU. Paralele sa Njemačkom Najviši sud je proslijedio tužbu Europskom sudu pravde u Luksemburgu. Odluka bi trebalo da padne 23. oktobra: "Irski sudovi su odlučili da je ESM u skladu sa nacionalnim pravom. U Irskoj imamo jedinstvenu situaciju da su ugovori EU preuzeti u nacionalni ustav. Zbog toga su irski sudovi obavezni da pozovu Europski sud pravde, jer ne mogu sami da odluče o posljedicama prava EU. Zato je važno da sve rješava Europski sud: radi se o važnim aspektima europskog prava." Irska vlada ne slijedi Pringlove argumente i ukazuje na hitnost ratifikacije ESM-a. U čitavom slučaju ima dosta paralela sa njemačkim žalbama podnijetim Ustavnom sudu u Karlsureu. Biće ovo prvi put da o pitanjima Europskog stabilizacionog mehanizma odlučuje Europski sud za ljudska prava.