Already solved. In case you have this issue just open System Preferences>Security and Privacy. Go on Privacy tab. Click on the lock on the left bottom corner, enter your password and check "ESO" and "Zenimax Online Studio Launcher". Will fix the issue. See screenshot
The problem is NOT fixed. I have the privacy options set up as raffaeleg originally posted, but it still happens. However, my own conclusion is that this happens if you log back in to ESO using ESO program element, without using the Launcher to bring up and restart the ESO program. This probably happens because when the Quit option is taken from the ESO log-in screen, a Mac OS exception occurs and a report is generated. This means that the ESO part of the program is probably now corrupted, so that the subsequent log-in from the corrupted resident ESO program ends up giving you the Catherine Wheel camera effect after reconnection to the ESO servers.
At the end of the day, it would seem that it would be better to go back to the version of the Mac OS client (Launcher & ESO) we had before they made changes to the rendering system. Perhaps the Bethesda software support team are unaware that the graphics cards in the Mac machines are not absolutely identical to the similar models in PCs (AMD or nVidia).