Letter of president Netherlands Court of Audit on ESM Board of Auditors

A new version of the ESM treaty has been signed on 2 February 2012 and is scheduled to enter into force on 1 July 2012.

The president of the Netherlands Court of Audit has written to her Euro area colleagues and the president of the ECA regarding this new treaty.
The aim of the letter is to contribute to the preparation of the next ESM-meeting of Euro area SAIs on 14 March 2012 in Bonn.

In the opinion of our office the text of the newly drafted Article 30 (Board of Auditors) is flawed in important respects.
We think that the shortcomings might be (partially) rectified if the SAIs of the Euro area make their concerns known to their ministers of Finance and national parliaments before the by-laws of the ESM treaty are established.
In her letter our president stresses taking a constructive and collective course of action for this issue.