Court ruling brings ratification of ESM treaty closer

The High Court has refused to restrain the Government from ratifying the European Stability Mechanism Treaty.

Ratification is imminent following a challenge by independent TD Thomas Pringle who argued the ESM treaty, which provides for a €500bn permanent eurozone rescue fund, breaches the Irish Constitution, EU treaties and EU law.

While Ms Justice Mary Laffoy refused his request for an injunction, she has decided to refer a point of law to the European Court of Justice about procedures relating to the effect and operability of the stability mechanism.

She will deliver a full judgment at a later date.