Key Details of ESM Accord
Article 8 says "Authorized Capital stock 700 billion Euros"
- Article 9 says "ESM members irrevocably and unconditionally undertake to pay capital calls on them within 7 days"
- Article 10 allows the ESM board of governors to "change the authorized capital and amend article 8 accordingly"
- Article 27 says ESM shall enjoy "immunity from every form of judicial process". Thus the ESM can sue member countries but no one can challenge it. No governments, parliament or any other body or laws apply to the ESM or its organization.
- Article 30 says "Governors, alternate governors, directors, alternate directors, the managing director and staff shall be immune from legal process with respect to acts performed by them (...) and shall enjoy inviolability in respect of their official papers and documents"
Is this the future of the EU or will the German supreme court and other governments put an end to it?
Comments are from Mike Shedlock / Mish