Members of the Committee on Constitutional Affairs of the European Parliament, meeting on 1 February 2010, raised some questions about the fact that the decision to address a limited reform of the Lisbon Treaty in order to establish EU permanent stability mechanism was taken as an intergovernmental choice. Some MEPs also expressed concerns over the tight timetable given to the reform.

The two rapporteurs who carry this issue with the European Parliament Committee on Constitutional Affairs questioned the method chosen by member states to establish the permanent stability mechanism, questioning whether this is necessarily a question of constitutional scope. According to these MEPs the mechanism which being set up would have an intergovernmental basis rather than being an EU mechanism.

However, despite sharing the approach regarding the intergovernmental nature of the proposal, some MEPs pointed out that it is difficult to contemplate the possibility of the Parliament changing the text or opposing to the decision taken by the Council in March to make a limited revision of the Treaty Lisbon in order to establish the permanent rescue mechanism, since this is a crucial tool for member states to be introduced as soon as possible in order to avoid pressures on financial markets.

Members of the Committee were divided in determining the adequacy of the review mechanism chosen, and the need for this revision to be made in such an urgent manner. Faced to some voices who called for the creation of a Convention to discuss the Treaty reform, other MEPs backed the proposed method and timetable, even as an intergovernmental review arguing that the Parliament must adopt a collaborative position and contribute to stability without delaying the process of adoption of this mechanism.

Although there is still no fixed date for the vote on the revision of the Lisbon Treaty, neither within the Committee or the Parliament plenary session, it is expected that the Constitutional Affairs Committee will discuss the matter at its meeting in mid-February. The process should be finalised before the Council meeting on 24 and 25 March. Given that the Treaty change must be formally adopted by member states, the target timetable for the entry into force of the permanent mechanism of stability is 1 January 2013.