France and Estonia are the latest countries to ratify the Fiscal Stability Treaty and Slovakia is due to follow suit this week. A number of other countries have started or made progress, leaving only Bulgaria, Finland, Hungary and Sweden yet to begin the process. According to a report prepared for the European Parliament’s Constitutional Affairs Committee meeting on 26 November 2012, the ratification procedure has been completed in fifteen Member States (of which twelve are Eurozone countries), although the final formal step of depositing the instruments of ratification with the Council of the European Union has only been carried out by twelve Member States (of which eight are Eurozone countries). It now appears likely that the required twelve Eurozone countries will deposit the instruments of ratification by the end of the year, allowing the Fiscal Stability Treaty to come into force on 1 January 2013 as planned. 

This blog considers how far the ratification of the Treaty establishing the European Stability Mechanism has advanced. 

The Stability Treaty: Red Herrings vs Reality

The Court of Justice of the EU and the Stability Treaty

The Stability Treaty - The Referendum Commission and its Role infographic

Peadar o Broin has written the two latest working papers in this IIEA series. The first looks at the reform of European financial supervision and regulation, focusing in particular on the contribution of the European Parliament and its ECON Committee. The second anticipates continuing strain in the Eurozone over the coming months and asks the question: 'Orderly Default or Euro Exit?'

La réponse de l’Union européenne à la crise de l’euro. 

Watch our animation on the evolution of the economic governance 'six pack'.

The European Commission has proposed new rules designed to modernise European public procurement, make it easier for professionals to find skilled jobs across Europe, stimulate funding for so-called 'social business', and improve access to credit and venture capital for small and medium enterprises.