natgillin/translations-raw huggingface dataset:
The experience with the temporary mechanisms demonstrates that Commission involvement is not only possible, but essential.
The experience with the temporary mechanisms demonstrates that Commission involvement is not only possible, but essential.
Under the temporary mechanism, the conditionality measures regarding the recipient State was adopted using a Union procedure, i.e. a Decision adopted by the Council on a recommendation from the Commission based on Article 136 TFEU together with Article 126(9) TFEU (see Article 126 (13) which sets out the applicable procedure for decisions under Article 126 (9)).
Under the temporary mechanism, the conditionality measures regarding the recipient State was adopted using a Union procedure, i.e. a Decision adopted by the Council on a recommendation from the Commission based on Article 136 TFEU together with Article 126(9) TFEU (see Article 126 (13) which sets out the applicable procedure for decisions under Article 126 (9)).
This is the procedure which has been followed for adopting the conditionality measures for Greece (see Council Decision (2010/320/EU) of 10 May 2010 (OJ L 145, 11.6.2010, p.
This is the procedure which has been followed for adopting the conditionality measures for Greece (see Council Decision (2010/320/EU) of 10 May 2010 (OJ L 145, 11.6.2010, p.
6) adopted on a recommendation from the Commission of 4 May 2010 (SEC(2010) 560 ?nal)).
6) adopted on a recommendation from the Commission of 4 May 2010 (SEC(2010) 560 ?nal)).
Regarding the permanent Mechanism, already in the conclusions of the European Council of 16 and 17 December, in Annex II outlining the „General Features of the Future Mechanism“, Commission involvement is speci?ed explicitly a number of times.
Regarding the permanent Mechanism, already in the conclusions of the European Council of 16 and 17 December, in Annex II outlining the ‘General Features of the Future Mechanism’, Commission involvement is speci?ed explicitly a number of times.
Since then, the preparatory work carried out for the ESM has clari?ed that:
Since then, the preparatory work carried out for the ESM has clari?ed that:
If a Member State requests ?nancial assistance, it is the Commission which will assess, in liaison with the ECB, the existence of a risk to the ?nancial stability of the euro area as a whole and undertake an analysis of the sustainability of the public debt of the Member State concerned (together with the IMF and in liaison with the ECB).
If a Member State requests ?nancial assistance, it is the Commission which will assess, in liaison with the ECB, the existence of a risk to the ?nancial stability of the euro area as a whole and undertake an analysis of the sustainability of the public debt of the Member State concerned (together with the IMF and in liaison with the ECB).
If stability support is requested, it is the Commission (together with the IMF and in liaison with the ECB) which will assess the actual ?nancing needs of the bene?ciary Member State and the nature of the required private sector involvement.
If stability support is requested, it is the Commission (together with the IMF and in liaison with the ECB) which will assess the actual ?nancing needs of the bene?ciary Member State and the nature of the required private sector involvement.
The Board of Governors will mandate the Commission to negotiate (together with the IMF and in liaison with the ECB) a macro-economic adjustment programme with the Member State concerned.
The Board of Governors will mandate the Commission to negotiate (together with the IMF and in liaison with the ECB) a macro-economic adjustment programme with the Member State concerned.
The Commission will propose to the Council a decision endorsing the macro-economic adjustment programme.
The Commission will propose to the Council a decision endorsing the macro-economic adjustment programme.
When the programme has been adopted by the Council, the Commission will sign the Memorandum of Understanding on behalf of the euro area Member States.
When the programme has been adopted by the Council, the Commission will sign the Memorandum of Understanding on behalf of the euro area Member States.
The Commission (together with the IMF and in liaison with the ECB) will be responsible for monitoring compliance with the policy conditionality required by a macroeconomic adjustment programme.
The Commission (together with the IMF and in liaison with the ECB) will be responsible for monitoring compliance with the policy conditionality required by a macroeconomic adjustment programme.
After discussion in the Board of Governors, it is a proposal by the Commission that the Council can decide to implement post-programme surveillance.
After discussion in the Board of Governors, it is a proposal by the Commission that the Council can decide to implement post-programme surveillance.
The policy conditionality established under an enhanced surveillance or a macroeconomic adjustment programme should be consistent with the EU surveillance framework and must guarantee the respect of EU procedures.
The policy conditionality established under an enhanced surveillance or a macroeconomic adjustment programme should be consistent with the EU surveillance framework and must guarantee the respect of EU procedures.
To this end, the Commission intends to propose a Regulation clarifying the necessary procedural steps under Article 136 of the Treaty in order to enshrine the policy conditionality in Council decisions and ensure consistency with the EU multilateral surveillance framework.
To this end, the Commission intends to propose a Regulation clarifying the necessary procedural steps under Article 136 of the Treaty in order to enshrine the policy conditionality in Council decisions and ensure consistency with the EU multilateral surveillance framework.
The Council and the Commission will inform the European Parliament on a regular basis about the establishment and the operations of the ESM.
The Council and the Commission will inform the European Parliament on a regular basis about the establishment and the operations of the ESM.
Писмо от председателя на Еврогрупата и от комисаря по паричните въпроси към докладчиците
Letter from the President of the Euro Group and from the Commissioner responsible for monetary policy to the rapporteurs
We hereby wish to inform you of the outcome of the negotiations on the setting up of European Stability Mechanism, as this will be of importance for the European Parliament when it decides on its opinion on the draft amendment to the Treaty on the functioning of the European Union, based on your report.
We hereby wish to inform you of the outcome of the negotiations on the setting up of European Stability Mechanism, as this will be of importance for the European Parliament when it decides on its opinion on the draft amendment to the Treaty on the functioning of the European Union, based on your report.
An intergovernmental ministerial meeting ?nalised yesterday, 21 March, a Term Sheet on the European Stability Mechanism (ESM).
An intergovernmental ministerial meeting ?nalised yesterday, 21 March, a Term Sheet on the European Stability Mechanism (ESM).
You will ?nd attached the ?nal text of this Term Sheet.
You will ?nd attached the ?nal text of this Term Sheet.
As you can see, according to the Term Sheet, the ESM will be established by a treaty among the euro-area Member States as an intergovernmental organisation under public international law and will be located in Luxembourg.
As you can see, according to the Term Sheet, the ESM will be established by a treaty among the euro-area Member States as an intergovernmental organisation under public international law and will be located in Luxembourg.
The ESM will have a Board of Governors consisting of the Ministers of Finance of the euro-area Member States (as voting members), with the European Commissioner for Economic and Monetary Affairs and the President of the ECB as observers.
The ESM will have a Board of Governors consisting of the Ministers of Finance of the euro-area Member States (as voting members), with the European Commissioner for Economic and Monetary Affairs and the President of the ECB as observers.
Non euro area Member States can participate on an ad hoc basis alongside the ESM in ?nancial assistance operations for euro area Member States.
Non euro area Member States can participate on an ad hoc basis alongside the ESM in ?nancial assistance operations for euro area Member States.
The role of the Commission in the running of operations of the ESM is central, and the link of the ESM with EU institutions clearly established.
The role of the Commission in the running of operations of the ESM is central, and the link of the ESM with EU institutions clearly established.
As described in the Term Sheet, it will be for the Commission to assess, in liaison with the ECB, the existence of a risk to the ?nancial stability of the euro area as a whole, and to undertake analysis of the sustainability of the public debt of the Member State concerned, together with the IMF and in liaison with the ECB.
As described in the Term Sheet, it will be for the Commission to assess, in liaison with the ECB, the existence of a risk to the ?nancial stability of the euro area as a whole, and to undertake analysis of the sustainability of the public debt of the Member State concerned, together with the IMF and in liaison with the ECB.
Further it will be for the Commission to take the lead in assessing the actual ?nancing needs of the bene?ciary Member State, as well as the nature of the required private sector involvement.
Further it will be for the Commission to take the lead in assessing the actual ?nancing needs of the bene?ciary Member State, as well as the nature of the required private sector involvement.
On the basis of this assessment, the Board of Governors will mandate the Commission to negotiate, together with the IMF and in liaison with the ECB, a macro-economic adjustment programme with the Member State concerned, detailed in a Memorandum of Understanding (MoU).
On the basis of this assessment, the Board of Governors will mandate the Commission to negotiate, together with the IMF and in liaison with the ECB, a macro-economic adjustment programme with the Member State concerned, detailed in a Memorandum of Understanding (MoU).
It will be for the Commission to propose to the Council a decision endorsing the macro-economic adjustment programme.
It will be for the Commission to propose to the Council a decision endorsing the macro-economic adjustment programme.
The Board of Governors will decide on the granting of ?nancial assistance and the terms and conditions under which assistance is provided.
The Board of Governors will decide on the granting of ?nancial assistance and the terms and conditions under which assistance is provided.
When the programme has been adopted by the Council, the Commission will sign the MoU on behalf of the euro area Member States subject to prior mutual agreement by the Board of Governors.
When the programme has been adopted by the Council, the Commission will sign the MoU on behalf of the euro area Member States subject to prior mutual agreement by the Board of Governors.
The Board of Directors will then approve the ?nancial assistance agreement which would contain the technical aspects of the ?nancial assistance to be provided.
The Board of Directors will then approve the ?nancial assistance agreement which would contain the technical aspects of the ?nancial assistance to be provided.
The Commission, together with the IMF and in liaison with the ECB, will be responsible for monitoring compliance with the policy conditionality required by a macroeconomic adjustment programme.
The Commission, together with the IMF and in liaison with the ECB, will be responsible for monitoring compliance with the policy conditionality required by a macroeconomic adjustment programme.
It will report to the Council and to the Board of Directors.
It will report to the Council and to the Board of Directors.
On the basis of this report, the Board of Directors will decide by mutual agreement on the disbursement of the new tranches of the loan.
On the basis of this report, the Board of Directors will decide by mutual agreement on the disbursement of the new tranches of the loan.
After discussion in the Board of Governors, the Council can decide, on a proposal by the Commission, to implement post-programme surveillance, which can be maintained for as long as a speci?ed amount of the ?nancial assistance has not been repaid.
After discussion in the Board of Governors, the Council can decide, on a proposal by the Commission, to implement post-programme surveillance, which can be maintained for as long as a speci?ed amount of the ?nancial assistance has not been repaid.
The policy conditionality established under an enhanced surveillance or a macroeconomic adjustment programme will be consistent with the EU surveillance framework and must guarantee the respect of EU procedures, and thereby also the role of the European Parliament.
The policy conditionality established under an enhanced surveillance or a macroeconomic adjustment programme will be consistent with the EU surveillance framework and must guarantee the respect of EU procedures, and thereby also the role of the European Parliament.
To this end, the Commission intends to propose a Regulation of the European Parliament and of the Council based on Article 136 of the Treaty, clarifying the necessary procedural steps in order to enshrine the policy conditionality in Council decisions and ensure consistency with the EU multilateral surveillance framework.
To this end, the Commission intends to propose a Regulation of the European Parliament and of the Council based on Article 136 of the Treaty, clarifying the necessary procedural steps in order to enshrine the policy conditionality in Council decisions and ensure consistency with the EU multilateral surveillance framework.
We trust this information will be helpful for the European Parliament for its consideration of the draft amendment to Article 136 TFEU with regard to a stability mechanism for Member States whose currency is the euro.
We trust this information will be helpful for the European Parliament for its consideration of the draft amendment to Article 136 TFEU with regard to a stability mechanism for Member States whose currency is the euro.
Olli Rehn Jean-Claude Juncker
Olli Rehn Jean-Claude Juncker
Member of the European Commission President of the Euro Group
Member of the European Commission President of the Euro Group
President of the European Parliament
President of the European Parliament
President of the European Council
President of the European Council
President of the European Commission
President of the European Commission
Приложение към писмото от председателя на Еврогрупата и от комисаря по паричните въпроси към докладчиците
Annex to the letter from the President of the Euro Group and from the Commissioner responsible for monetary policy to the rapporteurs
21 March 2011
21 March 2011
Term Sheet on the ESM
Term Sheet on the ESM
The European Council has agreed on the need for euro-area Member States to establish a permanent stability mechanism: the European Stability Mechanism (ESM).
The European Council has agreed on the need for euro-area Member States to establish a permanent stability mechanism: the European Stability Mechanism (ESM).
The ESM will be activated by mutual agreement A decision taken by mutual agreement is a decision taken by unanimity of the Member States participating to the vote, i.e. abstentions do not prevent the decision from being adopted.
The ESM will be activated by mutual agreement A decision taken by mutual agreement is a decision taken by unanimity of the Member States participating to the vote, i.e. abstentions do not prevent the decision from being adopted.
, if indispensable to safeguarding the financial stability of the euro area as a whole.
, if indispensable to safeguarding the financial stability of the euro area as a whole.
The ESM will assume the role of the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM) in providing external financial assistance to euro-area Member States after June 2013.
The ESM will assume the role of the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM) in providing external financial assistance to euro-area Member States after June 2013.
Access to ESM financial assistance will be provided on the basis of strict policy conditionality under a macro-economic adjustment programme and a rigorous analysis of public-debt sustainability, which will be conducted by the Commission together with the IMF and in liaison with the ECB.
Access to ESM financial assistance will be provided on the basis of strict policy conditionality under a macro-economic adjustment programme and a rigorous analysis of public-debt sustainability, which will be conducted by the Commission together with the IMF and in liaison with the ECB.
The beneficiary Member State will be required to put in place an appropriate form of private-sector involvement, according to the specific circumstances and in a manner fully consistent with IMF practices.
The beneficiary Member State will be required to put in place an appropriate form of private-sector involvement, according to the specific circumstances and in a manner fully consistent with IMF practices.
The ESM will have an effective lending capacity of € 500 billion During the transition from EFSF to ESM, the combined lending capacity will not exceed this amount.
The ESM will have an effective lending capacity of € 500 billion During the transition from EFSF to ESM, the combined lending capacity will not exceed this amount.
The adequacy of the lending capacity will be reviewed on a regular basis and at least every five years.
The adequacy of the lending capacity will be reviewed on a regular basis and at least every five years.
The ESM will seek to supplement its lending capacity through the participation of the IMF in financial assistance operations, while non-euro area Member States may also participate on an ad hoc basis.
The ESM will seek to supplement its lending capacity through the participation of the IMF in financial assistance operations, while non-euro area Member States may also participate on an ad hoc basis.
The remainder of this term sheet sets out the key structural features of the ESM:
The remainder of this term sheet sets out the key structural features of the ESM:
Institutional form
Institutional form
The ESM will be established by a treaty among the euro-area Member States as an intergovernmental organisation under public international law and will be located in Luxembourg.
The ESM will be established by a treaty among the euro-area Member States as an intergovernmental organisation under public international law and will be located in Luxembourg.
The statute of the ESM will be set out in an annex to the treaty.
The statute of the ESM will be set out in an annex to the treaty.
Function and funding strategy
Function and funding strategy
The function of the ESM will be to mobilise funding and provide financial assistance, under strict conditionality, to the benefit of euro-area Member States, which are experiencing or are threatened by severe financing problems, in order to safeguard the financial stability of the euro area as a whole.
The function of the ESM will be to mobilise funding and provide financial assistance, under strict conditionality, to the benefit of euro-area Member States, which are experiencing or are threatened by severe financing problems, in order to safeguard the financial stability of the euro area as a whole.
The Member States of the euro area will give to the ESM the financial sanctions received under the Stability and Growth Pact and the Macroeconomic Imbalances procedures Subject to a final agreement at political level.
The Member States of the euro area will give to the ESM the financial sanctions received under the Stability and Growth Pact and the Macroeconomic Imbalances procedures Subject to a final agreement at political level.
Such sanctions will form part of the paid-in capital.
Such sanctions will form part of the paid-in capital.
The ESM will use an appropriate funding strategy so as to ensure access to broad funding sources and enable it to extend financial assistance packages to Member States under all market conditions.
The ESM will use an appropriate funding strategy so as to ensure access to broad funding sources and enable it to extend financial assistance packages to Member States under all market conditions.
Any associated risk will be contained through adequate asset and liability management.
Any associated risk will be contained through adequate asset and liability management.
The Board of Governors will elect a Chairperson from among its voting members.
The Board of Governors will elect a Chairperson from among its voting members.
The Board of Governors will be the highest decision-making body of the ESM and will take the following major decisions by mutual agreement:
The Board of Governors will be the highest decision-making body of the ESM and will take the following major decisions by mutual agreement:
the granting of financial assistance;
the granting of financial assistance;
the terms and conditions of financial assistance;
the terms and conditions of financial assistance;
the lending capacity of the ESM;
the lending capacity of the ESM;
- changes to the menu of instruments.
- changes to the menu of instruments.
All other decisions by the Board of Governors will be taken by qualified majority, unless stated otherwise.
All other decisions by the Board of Governors will be taken by qualified majority, unless stated otherwise.
The ESM will have a Board of Directors, which will carry out specific tasks as delegated by the Board of Governors.
The ESM will have a Board of Directors, which will carry out specific tasks as delegated by the Board of Governors.
Each euro-area Member state will appoint one Director and one alternate Director.
Each euro-area Member state will appoint one Director and one alternate Director.
In addition, the Commission and the ECB will each nominate an observer and an alternate to the Board of Directors.
In addition, the Commission and the ECB will each nominate an observer and an alternate to the Board of Directors.
All decisions by the Board of Directors will be taken by qualified majority, unless otherwise stated.
All decisions by the Board of Directors will be taken by qualified majority, unless otherwise stated.
Voting weights within the Board of Governors and the Board of Directors will be proportional to the Member States' respective subscriptions to the capital of the ESM.
Voting weights within the Board of Governors and the Board of Directors will be proportional to the Member States' respective subscriptions to the capital of the ESM.
A qualified majority is defined as 80 percent of the votes.
A qualified majority is defined as 80 percent of the votes.
The Board of Governors will appoint a Managing Director responsible for the day-to-day management of the ESM.
The Board of Governors will appoint a Managing Director responsible for the day-to-day management of the ESM.
The Managing Director will chair the Board of Directors.
The Managing Director will chair the Board of Directors.
Capital structure
Capital structure
The ESM will aim to obtain and maintain the highest credit rating from the major credit rating agencies.
The ESM will aim to obtain and maintain the highest credit rating from the major credit rating agencies.
The ESM will have a total subscribed capital of € 700 billion.
The ESM will have a total subscribed capital of € 700 billion.
Of this amount, € 80 billion will be in the form of paid-in capital provided by the euro-area Member States, of which € 40 billion will be available from July 2013 with the remaining share being phased in over the three following years.
Of this amount, € 80 billion will be in the form of paid-in capital provided by the euro-area Member States, of which € 40 billion will be available from July 2013 with the remaining share being phased in over the three following years.