Stop the ESM! EU Citizens have to pay the Bill!

The decision of the finance ministers of the EU Member States, starting in mid-2012 a "European Stability Mechanism" (ESM) presents complete facts to the governments and national parliaments. The ESM involves incalculable risks for taxpayers. The recently adopted ESM loan amount of 700 billion Euros is only the beginning. The planned ESM Board of Governors may grant unlimited namely high amounts of credit. The associated guarantees, taxpayers can also growing exponentially.

In addition, there is no possibility for ESM-members to leave or exit the ESM .The involvement of private creditors to ESM relief is woefully inadequate. Overall, threatens the countries that they lose much of their fiscal sovereignty to the ESM.

The Taxpayers Association of Europe (TAE) calls on national governments to refuse the creation of an ESM and not to give consent to the ESM Treaty. We need rescheduling negotiations and constitutional stop of debts. New State credit procurement actions with the taxpayers as a major sponsor must be prevented.

With our statement we hope to contribute to a critical debate and we want to warn of the ESM in its current form. Now we are still able to stop this juggernaut (Moloch), later he will be out of control and unstoppable.


Taxpayers Association of Europe, Office Munich:
Nymphenburger Str. 118, D-80636 München
Tel.: +49 89 126 00 820 | Fax: +49 89 126 00 847

Taxpayers Association of Europe, Office Brussels:
Rue d’Arlon 46,  B-1000 Brussels
+32 2 588 15 20 (Phone)