Web-Companion "Essential EU Law in Charts"
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Dear Reader of "Essential EU Law in Charts, 2nd Lisbon edition, 2010". Please take note of the following updates and corrigenda:
Treaty revision | p. 64
On 24/25 March 2011, the European Council agreed on the first Treaty revision effected through a simplified revision procedure (European Council Decision 2011/199/EU). It decided to add to Art. 136 TFEU the following new paragraph:
“3. The Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality.”
Therefore, the 5th box on the right hand side must read:
a) On Part Three of the TFEU:
• Proposal from a government of a Member State, the EP or the Commission to the European Council.
• The European Council consults the EP and the Commission and, in certain cases, the ECB.
• The European Council decides unanimously.
• Approval in the Member States.
First revision of this kind: insertion of Art. 136(3) TFEU, concerning the European Stability Mechanism (ESM) in March 2011.