Committee failed to support new powers of parliament related to ESM

The Parliamentary Committee for EU Affairs has not supported new powers for MPs related to the decision-making process concerning the European Stability Mechanism (ESM) issues. The draft signed by 30 opposition deputies should bind the representative of Slovakia in the ESM with a decision of the Parliament in the vote over increasing funds in the ESM from private resources, known as leveraging.

The Parliamentary Committee for EU Affairs has not supported new powers for MPs related to the decision-making process concerning the European Stability Mechanism (ESM) issues. The draft signed by 30 opposition deputies should bind the representative of Slovakia in the ESM with a decision of the Parliament in the vote over increasing funds in the ESM from private resources, known as leveraging.

However, only six opposition MPs supported it at Monday's October 8 meeting of the EU affairs’ committee. Seven committee members from the Smer party were against it. The opposition defends the proposal saying that the increase in the ESM may lower the payback period of the means which Slovakia will put in the mechanism.

According to Freedom and Solidarity (SaS) Deputy Jozef Kollár, the ESM is ready to guarantee private investors for loss compensations of up to 30 percent of the nominal value and is also considering such a mechanism in which less solvent bonds would be purchased from public resources while the more solvent ones would be purchased from resources deposited by private investors. "This is why this proposal was created: so that such a serious vote on such a serious matter would first go through the Slovak Parliament," Kollár said, as quoted by the SITA newswire. Opposition deputies also say that based on the constitution, Slovak Parliament has the exclusive power to approve the state budget while the decision over increasing financial means in the ESM from private resources could influence the budget. However, Smer MPs consider such a measure unnecessary at present.

(Source: SITA)
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Get daily Slovak news directly to your inbox

Top stories

Slovakia orders a curfew and embarks on its COVID experiment

High turnout in testing in four northern districts, decision awaited on extending the project to the nation. Prison for a prominent prosecutor and parliament's speaker injured.

Waiting for the results of COVID tests during the pilot phase of the nationwide testing in the town of Nižná in Orava, northern Slovakia.

No balanced budget for next three years, this time due to COVID-19

2021-2023 general government budgets lack consolidation measures.

Finance Minister Eduard Heger

Pity the nation

Americans’ choice of president on November 3 will affect Slovaks too.

The second US presidential debate.

Extension of the tram line deeper into Bratislava’s Petržalka is closer to completion

After completion, passengers will be able to go from the very end of Petržalka to the city centre in 10 minutes.

The current tram terminal station on Jungmannova Street in Petržalka.