Eamon Gilmore (Dún Laoghaire, Labour)

Following consultations with the European Parliament, the European Commission and the European Central Bank, the spring European Council formally adopted the decision amending the treaty in order to allow member states of the euro area to establish a permanent mechanism to be known as the European Stability Mechanism to safeguard the financial stability of the euro area as a whole. This will be done using the simplified revision procedure provided for in Article 48.6 of the Treaty on European Union. The Office of the Attorney General advises that the European Council decision does not require an amendment of the Constitution. As no amendment of the Constitution arises, holding a referendum will not be a requirement in order to allow Ireland to approve the decision on the amendment. The precise manner in which Irish approval of the proposed treaty change will be given effect is being considered. It is expected that the necessary measures will be taken by all member states to allow the European Stability Mechanism to enter into force on 1 January 2013.

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