While the European Stability Mechanism (ESM) is expected to be passed by the Slovak Parliament in June, the ratification of the new fiscal agreement will have to wait until the second half of the year, Finance Minister Peter Kažimír has said, as reported by the TASR newswire. During his official visit to Brussels on Monday, April 16, Kažimír met several European Commission representatives including EU Commissioner for Economic and Monetary Affairs and the Euro Olli Rehn.
"I have assured Mr Rehn that I consider the ratification of both documents to be going smoothly," said Kažimír. According to him, however, certain aspects of the fiscal agreement need to be implemented into the country's legislation before the ratification takes place.
EC Vice-President Maroš Šefčovič said that it is important to keep to the deadlines that the European Commission has set for the ratification of the two documents. While the ESM is set to come into effect on July 1, the fiscal agreement – known as the Euro Fiscal Pact – will be effective as of January 2013. "The European Commission is confident that Slovakia will meet the ratification deadlines as agreed," Šefčovič said.
The fiscal agreement, which introduces more stringent budgetary rules, was signed by 25 European leaders (except the UK and the Czech Republic) including former Prime Minister Iveta Radičová on March 3 in Brussels. The European Stability Mechanism (ESM) treaty was signed by Slovak Ambassador to the EU Ivan Korcok on February 2.
Compiled by Zuzana Vilikovská from press reports
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18. Apr 2012 at 14:00