Robed Members of German High Court to Rule in Favor of ESM Ratification

September 11, 2012 3:52 PM EDT
Mario Draghi's camp scored a victory in Europe overnight when an attempt by a member of the German parliament, Peter Gauweiler, to delay a court ruling on the constitutionality of the European Stability Mechanism was thwarted. Gauweiler argued that the court needed to hear additional oral arguments in light of new information and the announcement of bond buying by the ECB.

"Almost all of the discussion that has taken place so far is now invalid," he argued.

If the court decides to uphold the petitions against the ESM and the fiscal pact, it could grant an injunction that would stop the fund operating until the court has more time to consider the constitutionality of the program. However, most politicians in Berlin, including Chancellor Angela Merkel, believe the court will rule in favor of ratification of the ESM, notes reports today in German newspaper, Speigel.

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