Stabilization Mechanism Act
| Basic data | |
|---|---|
| Title: | Law on the assumption of guarantees within the framework of a European stabilization mechanism |
| Short title: | Stabilization Mechanism Act |
| Abbreviation: | StabMechG |
| Type: | Federal law |
| Scope: | Federal Republic of Germany |
| Legal matter: | Budget law |
| References : | 660-7 |
| Issued on: | May 22, 2010 ( BGBl. I p. 627 ) |
| Entry into force on: | May 23, 2010 |
| Last change by: |
Art. 1 G of 23 May 2012 ( BGBl. I p. 1166 ) |
| Effective date of the last change: |
June 1, 2012 (Art. 2 G of May 23, 2012) |
| GESTA : | D066 |
| Please note the note on the applicable legal version. | |
The Stabilization Mechanism Act authorizes the Federal Minister of Finance to provide guarantees up to a total of EUR 211.0459 billion for financing transactions carried out by the European Financial Stability Facility to carry out emergency measures in favor of a member state of the euro area .
purpose
With this law, Germany is making its contribution to the European Stabilization Mechanism . The European Union intends to mobilize financial aid of 500 billion euros to stabilize the euro. Germany is participating with a guarantee of up to approx. 211 billion euros. This warranty is limited to June 30, 2013 ( Section 1 Paragraph 1 StabMechG). In addition to the 500 billion euros from the European Union, the International Monetary Fund has made 250 billion euros available. The protective shield thus comprises a total of 750 billion euros.
Origin of the law
The Stabilization Mechanism Act was passed in the German Bundestag on May 21, 2010 . The broad approval in the Bundestag that Chancellor Angela Merkel (CDU) had hoped for when the law was introduced did not materialize. The SPD and the Greens had announced that they would abstain, while the Left rejected the emergency aid. 587 MPs voted. 319 MPs voted for the law. There were 73 votes against, 195 parliamentarians abstained.
On the same day, the Federal Council approved the law, the law was promulgated in the Federal Law Gazette on May 22, 2010 and came into force on May 23, 2010. The opposition accused the coalition that a gigantic aid package was being pushed through under pressure. The SPD, the Greens and the Left Party criticized the fact that the effects and the precise structure of the euro emergency loans were open. The contract for the planned special purpose vehicle for the auxiliary loans is not yet available.
Legislative changes
Since October 2011 the law has taken into account the so-called parliamentary reservation in its Section 3 (1) : According to this provision, the Federal Government may only approve a proposal for a resolution that affects the overall budgetary responsibility of the German Bundestag through its representative or agree to a resolution in matters relating to the European Financial Stabilization Facility after the German Bundestag has passed a resolution approving this. Without such a resolution by the German Bundestag, the German representative must reject the proposed resolution.
In cases of particular urgency or confidentiality, a special committee consisting of nine members of the budget committee of the German Bundestag should take decisions instead of the Bundestag ( Section 3 (3) StabMechG). The Federal Constitutional Court ruled on February 28, 2012 that Section 3 (3 ) violated some of the rights of the members of the Bundestag under Article 38 (1) sentence 2 of the Basic Law.
literature
- Michael Brück, Christoph Schalast, Kay-Michael Schanz: Financial Crisis Last Act: The German Approval Laws for Greece Financial Aid and the European Stabilization Mechanism. In: BB 2010, pp. 2522-2527.
- Kurt Faßbender: The European “stabilization mechanism” in the light of Union law and German constitutional law . In: NVwZ 2010, pp. 799–803.
Web links
Individual evidence
- ↑ German Bundestag, plenary protocol 17/44 (May 21, 2010), additional ordinance point 13, pp. 4412-4445: Second and third deliberations on the draft of a law on the assumption of warranties within the framework of a proposed by the parliamentary groups of the CDU / CSU and the FDP European stabilization mechanism; here: p. 4443; s. also p. 4491–4500: Appendices 2 to 5: The numerous declarations by BT deputies according to § 31 GO
- ↑ Federal Council. 870th meeting on May 21, 2010 / plenary minutes / law on the assumption of guarantees within the framework of a European stabilization mechanism / DrS 298/10
- ^ Frankfurter Allgemeine Zeitung , May 21, 2010: Euro rescue package. 148,000,000,000 euros have been decided .
- ↑ Federal Constitutional Court, judgment of February 28, 2012, 2 BvE 8/11, online .
