What is this aberration? That was my first reaction when I saw this video. This is not possible. An organization that can empty the state’s coffers, just like that? We live in a democratic country, don’t we? To be sure, I searched for the official texts. The articles mentioned in the video are easy to find (from page 19).
As for the rest of the treaty, I have not been able to find anything that would limit this dictatorial power in any way. But how is this possible within the framework of the treaties of the European Union? For this constitutes an illegal extension of the competences of the Union! Searching further I find out a number of decisions have been taken discretely and quickly to make this ESM 'possible'.
I am certain that if politicians in our country wanted to create a club, that would have the freedom to empty the coffers of the State when it wants and as often as it wants, they would not succeed in obtaining the needed changes in the law, not even in twenty years!
But Brussels’ bureaucracy succeeds in adapting the treaties at high speed to commit this coup d’état in 17 countries simultaneously. The ESM treaty must still be ratified by the national parliaments before taking effect on 1 July 2012, if the countries representing at least 90% of the shares have ratified it by then. As the press keeps silent on this treaty, it will be difficult to have public debates on the usefulness and consequences of the ESM, like the transfer of parliamentarian and ministerial powers to the ESM. Read more.