Tuesday, September 11, 2012

German Constitutional Court To Rule Wednesday On European Stability Mechanism ESM, the Eurozone Bailout Fund: Judges Reject Last Minute Attempt to Postpone Judicial Decision

Could Germany destroy the European Stability Mechanism, ESM, the bailout fund of the Eurozone? Theoretically yes, practically no.

As reported by the Deutsche Welle (short video in English)

at Germany rejects legal challenge to ESM ruling:
"Germany's Constitutional Court has rejected a last-minute bid to postpone its decision on the legality of the eurozone's bailout fund. The court will rule on the European Stability Mechanism as scheduled on Wednesday."
The likelihood that the court in Karlsruhe will overturn ESM is minimal.

Karin Matussek at Bloomberg News Business Week in
ESM Ruling Won't Be Delayed, Germany’s Top Court Says writes:
"German Finance Minister Wolfgang Schaeuble [a lawyer by training] told students last week he was confident the ESM would be approved....

"Europe won’t collapse on Sept. 12,” Franz Mayer, a law professor at Bielefeld...."

So far, the court has cleared each step of European integration....
"The bigger issue than the actual ruling is what extra language the court will add to the reasoning on where the limits are in the future," said Mayer." [material in brackets added by LawPundit]
Read the whole article here.

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