Overview

This bill approves a European Council decision from March 2011 that amends the Treaty on the Functioning of the European Union to create a stability mechanism for Eurozone member states. The bill ensures the UK's compliance with EU law and confirms that the decision does not require a UK-wide referendum.

Description

This legislation addresses a specific European Union decision (2011/199/EU) made on March 25th, 2011. This decision modifies Article 136 of the Treaty on the Functioning of the European Union. The key change is the establishment of a financial stability mechanism for Eurozone countries. The bill uses section 3 of the European Union Act 2011 to formally approve this decision within UK law. Crucially, the bill declares that this EU decision does not trigger the referendum requirements outlined in section 4 of the same Act.

Government Spending

The bill doesn't directly allocate or specify any new government spending. Its impact on government spending is indirect and likely minimal, relating to potential UK contributions to the Eurozone stability mechanism but the amount is not specified within this bill.

Groups Affected

The primary group affected is the UK government, as this bill fulfills a legal obligation stemming from the UK's membership in the European Union. Eurozone member states are also indirectly affected, as the bill formally incorporates the stability mechanism into UK legal framework, though the financial consequences for the UK are not directly specified here.

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