Brussels, 23/03/2011 (Agence Europe) - On Wednesday 23 March, the European Parliament (EP), meeting in plenary session in Brussels, delivered a favourable opinion on the limited amendment of the Lisbon Treaty proposed by the European Council so that a permanent European Stability Mechanism (ESM) can be set up. Creation of the ESM, which will replace the current European Financial Stability Facility (EFSF) from mid-2013, will be formally approved by the European Council on Thursday 24 March. Parliament, which merely has to be consulted on this “limited” revision of the treaty (simplified procedure), remains unhappy about the intergovernmental nature of the mechanism. It would much rather have seen a genuine Community mechanism forming part of EU workings. MEPs nevertheless approved the amendment of the treaty after receiving guarantees on future involvement of the EP and the European Commission in the operation of the ESM. European Council President Herman Van Rompuy, Eurogroup President Jean-Claude Juncker and Monetary Affairs Commissioner Olli Rehn gave assurances in letters to the two EP rapporteurs, Elmar Brok (EPP) and Roberto Gualtieri (S&D), that the Commission will have a “central role” to play and that the EP will be closely involved, Brok says in a press release. In concrete terms, it is proposed that the Commission bring forward a draft regulation which aims to clarify the procedures set out by the mechanism and to ensure consistency with the EU's multilateral surveillance framework. The Commission will also play an important role in the mechanism in assessing and analysing as well as bringing forward proposals and ensuring the follow-up. The EP will be kept regularly informed. (H.B./transl.rt)