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German court says yes to Europe

· New rescue fund ESM approved ·

Germany's high court in Karlsruhe ruled the ESM, European Stability Mechanism, and fiscal compact as constitutionally legitimate, but imposed certain conditions for ratification. More specifically, it stipulated that the two branches of German Parliament must always be informed of the ESM's decisions and that Germany's exposure must not exceed 190 billion euros without the green light from the Bundestag, the lower house. President of Euro Group Jean-Claude Juncker has scheduled the first meeting of the ESM board for 8 October in Luxembourg. “The German high court's yes is an important step towards the goal of stabilizing the euro”, said the German Minister of Economics Philipp Rösler. The Court's go-ahead represents an important step towards reinforcing the measures to fight the euro zone crisis.

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St. Peter’s Square

Dec. 9, 2018

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