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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, Pringle. The latter proceeding raises interesting issues of EU institutional law deriving from the way the ESM has been set up.
The principle of the creation of the ESM was decided on by the European Council at the end of 2010, when the...
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