The treaty establishing the European Stability Mechanism, a permanent bail-out fund for the euro zone, was quietly signed in Brussels on 2 February.
In an outstanding display of what passes for transparency, there wasn’t a word from the Government about this handmaiden of austerity.
The treaty now needs to be ratified by the seventeen members of the euro zone, with the intention that it will come into force in July. The ESM is designed to be a permanent successor to the European Financial Stability Facility and goes hand in hand with the EU Permanent Austerity Treaty.
The People’s Movement pamphlet on the treaty is at www.people.ie/eu/esmref2.pdf.