Germany's ratification of the European Union's fiscal pact on budgetary discipline and the permanent bailout fund, ESM, will be delayed at least by two months.It was due to country's highest court decison that it will rule on fiscal pact and ESM constitutionality only by mid-September. The decision by the Federal Constitutional Court in Karlsruhe yesterday freezes the plans to implement two main initiatives to resolve the euro-zone debt crisis until it delivers verdict on September 12. In september the court will decide whether these initiatives are in line with the German constitution. The court has been examining since last Tuesday a number of petitions filed by lawmakers of the ruling and opposition parties, the Left party, a group of leading economists and the citizens' group "more democracy", urging the court to issue a temporary injunction on the fiscal pact and the ESM
News On AIR | July 17, 2012 1:19 PM
German court decision delays EU initiatives on resolving debt crisis