The Slovak government, at a session on Wednesday, August 17, approved the necessary modifications to the Lisbon Treaty in order to set up the European Stability Mechanism (ESM) aimed at safeguarding financial stability in the eurozone, the TASR newswire reported.
The amendment to the Lisbon Treaty is now headed for parliament. The ESM is intended to replace its temporary counterpart, the European Financial Stability Facility (EFSF), which involved a temporary pool of loans from solvent European countries. A majority of 76 MPs in the 150-member parliament will need to approve the amendment for it to become effective.
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
18. Aug 2011 at 10:00