BreakingNews.ie
02.07.2012
An attempt to block to block the eurozone’s permanent rescue fund and Europe’s new fiscal discipline treaty will be heard by Germany’s high court next week.
The German parliament has approved both the €500bn rescue fund, the European Stability Mechanism, and the budget pact – the so-called fiscal compact, a cherished project of Chancellor Angela Merkel.
But opponents have asked the Federal Constitutional Court for injunctions blocking the plans while judges consider whether they are in line with German law.
Germany’s president Joachim Gauck has agreed not to sign the legislation before the constitutional court rules. The ESM cannot take effect without Germany’s approval.
The fund was initially meant to be operational from this month, and European policy makers still hope that it can replace its temporary predecessor, the European Financial Stability Facility, by the end of the month. According to plans agreed at an EU summit last week, for instance, the ESM is meant to handle the billions Spain has been offered to recapitalise its ailing banks.
The hearing will be held next Tuesday in Karlsruhe.
Read more: German court could block euro pact
Related posts:
- German finance minister : Transfer more responsibilities to EU, without national governments being able to block decisions
- Nigel Farage on the Failings of the EU Summit and an Antidemocratic Europe
- EU high court rules on GMO contamination; opens door to biotech liability
- VOTE NO WHILE THE EURO DIES
- Germany to become ‘Fatherland’ again if Fiscal Treaty passes
- US Supreme Court rules strip searches for all?
- US Fed Reserve Is The Chief Debt Enabler
- Being yes men of Europe has got Ireland nowhere
- No to EU Fiscal Compact Treaty
- Angela Merkel’s mania for austerity is destroying Europe
Views: 0