The European Parliament has backed on 23 March a limited Treaty change to allow the establishment of the European Stability Mechanism in the euro area. MEPs welcomed the positive signals given by the Member States on bringing the intergovernmental mechanism closer to the EU framework.

By endorsing the limited Treaty reform adopted by the Council in December 2010 in order to introduce a permanent mechanism to safeguard the stability of the euro zone, the European Parliament has acknowledged the positive signals perceived in letters from the Presidents of the European Council and of the Euro Group as well as the Commissioner for monetary policy, where they note that the Commission will propose a regulation that will clarify the procedures under the mechanism and ensure consistency with the EU multilateral surveillance framework.

Nevertheless, in the debate held within the European Parliament, MEPs have criticised in several occasions the original European Council proposal on the Treaty change as regards both the method used and the content, since neither one respects the "EU method" but is essentially intergovernmental. In this regard, the Parliament has achieved a significant objective ensuring that the Commission is to be involved as well as the Parliament that will also be involved in the process, as the Council and Commission will consult it regularly.

Furthermore, the role of the Commission is now clearly defined in the running operations of the mechanism, as requested by MEPs. The Commission will play a central role within the mechanism in assessing and analysing, as well as in making proposals and monitoring. Parliament will be regularly informed.