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By Philippe-Emmanuel Partsch, EU Financial and Competition Law Partner Arendt Medernach, Professor at the University of Liège (EU Banking and Financial Law) Jan Klein, EU Financial and Competition Law Senior associate
After having recently passed the hurdle of the German Federal Constitutional Court, the European Stability Mechanism (ESM), which is supposed to replace the existing European Financial Stability Facility (EFSF) after a period of coexistence, will now have to face a new legal challenge, this time before the Court of Justice of the European Union (CJEU). As a matter of law, its compatibility with the EU Treaties is currently in doubt following a referral for preliminary ruling from the Supreme Court of Ireland, in the case C-370/12,...
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