INDEPENDENT TD THOMAS Pringle has lost his bid to stop the Government ratifying the European Stability Mechanism (ESM) Treaty.
The Supreme Court ruled this morning that the Treaty does not involve a transfer of sovereignty which would require a referendum to ratify it. Instead, the Court ruled that the Treaty was an agreement to pursue an already-defined policy of the Government.
The European Stability Mechanism is the proposed permanent bailout fund for the eurozone.
Pringle had argued that the ESM Treaty agreed in Brussels at the start of February involved Ireland losing direct control over its financial affairs which made the Treaty not compatible with the Constitution.
The decision was rejected by a High Court judge earlier this month who said she was satisfied that the Treaty was compatible with both European Union law and Bunreacht na hÉireann.
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