President Basescu promulgates law ratifying European Council decision on stability mechanism in euro area

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President Traian Basescu on Tuesday promulgated the law for the ratification of the European Council decision of March 25 on the stability mechanism in the euro area.

‘Romania’s President Traian Basescu on Tuesday, June 19, signed the Decree on the promulgation of the law ratifying the European Council decision 2011/199/EU of March 25, 2011, modifying article 136 of the Treaty on the European Union functioning concerning a stability mechanism for the member states having the euro currency,’ the Presidential Administration informs.

The joint plenum of the Senate and Deputies’ Chamber last Tuesday adopted the draft law for the ratification of the European Council decision on the stability mechanism in the euro area.

In the beginning of November last year, the Government approved the draft law on the ratification of the European Council decision of March 25, 2011, amending the Treaty concerning the European Union functioning related with a mechanism of stability for the member states having the euro currency.

According to the Government, the European Council decision of March 25 must be submitted to ratification by all EU member states.

In the context of the current economic crisis in the EU, Romania supported the creation of a European stability mechanism and, implicitly, the restricted amendment of the Treaty, in order to insure stability in the euro area. Romania will contribute to the European Stability Mechanism after it accesses the euro area.

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