European Union (Approval of Treaty Amendment Decision) Bill

This Bill enables the UK to ratify an amendment to Article 136 of the Treaty on the Functioning of the European Union. The amendment will give legal basis to the creation of a permanent European Stability Mechanism (ESM). The ESM itself is established in a separate treaty between the 17 eurozone Member States. It will provide financial assistance to eurozone States, up to a limit of €500bn, in order to safeguard the economic stability of the eurozone. Because the UK is not participating in the ESM, and Article 136 applies to eurozone States only, the Government has stated that the change should not trigger a national referendum under the European Union Act 2011.