The European Union and its common currency is facing a crisis. What can and should be done? The EU was planning a new treaty called the European Stability Mechanism or ESM. A treaty of debt. Members of Parliament all have access to the draft legislation. The authorized capital stock shall be seven hundred billion euros.
Question: Why seven hundred billion? Where did that number come from? And by whom and on what basis was it calculated?
Answer: ESM members hereby irrevocably and unconditionally undertake to pay on demand any capital call made on them within seven days of receipt of such demand.
Question: Nothing really. That part is clear. If the ESM needs money we have seven days to pay. Taking normal bank processing times into account that means we have four days to write a check. But what does “irrevocably and unconditionally” mean? What if we have a new parliament, one that doesn’t want to transfer money to the ESM? Do we have to pay anyway?
Answer: The Board of Governors may decide to change the authorized capital and amend Article 8 accordingly.
Question: Seven hundred billion is just the beginning? Answer: The ESM can stock up the fund as much as it wants to anytime it wants to? And we would then be required under Article 9 to irrevocably and unconditionally pay up?
Answer: The ESM shall have full legal capacity to institute legal proceedings. The ESM, its property, funding and assets shall enjoy immunity from every form of judicial process.
Question. So the ESM program can sue us but we can’t challenge it in court?
Answer: The property, funding and assets of the ESM shall be immune from search, requisition, confiscation, expropriation, or any other form of seizure, taking or foreclosure by executive, judicial, administrative or legislative action.
Question. Immune from judicial action was covered in the last point but this means neither our government’s nor are legislatures nor any of our democratic laws have any effect on the ESM organization? That’s a pretty powerful treaty!
Governors, alternate Governors, Directors, alternate Directors, the Managing Director and staff members shall be immune from legal process with respect to acts performed by them and shall enjoy inviolability in respect to their official papers and documents.
Question. So anyone involved in the ESM is off the hook? They can’t be held accountable for anything? And does the inviolability of their papers mean we can’t destroy them, or that we won’t even be allowed to see what’s been written?
The treaty establishes a new intergovernmental organization to which we are required to transfer unlimited assets within seven days if it so requests. An organization that can sue us but is immune from all forms of prosecution and whose managers enjoy the same immunity. There are no independent reviewers and no existing laws apply? Governments cannot take action against it? Europe’s national budgets in the hands of one single unelected
Is that the future of Europe?
Is that the new EU? A Europe devoid of sovereign democracies?
Is that what you want?
If that is NOT what you want, write, email or call your government representative. It’s your right to protest!
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