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European Financial Stability Mechanism

Treasury written question – answered on 24th November 2010.

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Photo of Bill Cash Bill Cash Chair, European Scrutiny Committee, Chair, European Scrutiny Committee

To ask the Chancellor of the Exchequer what recent representations he has received on the implementation of the regulation governing the procedure for the European Financial Stability Mechanism; and if he will make a statement.

Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury

holding answer 22 November 2010

The regulation governing the European Financial Stability Mechanism is based on article 122(2) of the treaty on the functioning of the European Union. The regulation was immediately binding on all member states the day after its publication in the Official Journal of the European Union on 12 May. It is activated by the Council acting by Qualified Majority Voting on a proposal from the Commission. The Commission has not yet made a formal proposal.

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