Join Date: 08.03.2005
Possible Setback for Bailout Plans: Constitutional Court Halts Special Euro Panel
Germany's highest court has issued a temporary injunction banning the work of a new panel convened by the country's parliament to quickly green-light decisions on the disbursement of taxpayer funds through the euro bailout program. The decision could lead to further delays in German decision-making in efforts to rescue the beleaguered common currency.
Join Date: 14.08.2011
Who's in charge?
As Jean Claude Juncker the PM of Luxembourg said, Germany is not the only country that has a parliament and for that matter a Constitutional Court?
So why is the whole EU now at the mercy of not just the German Chancellor, but also the German Parliament and the German Constituional Court?
Have we become all German now? Where does the EU Commission stay in all this? And where is the ECB in offering a monetary solution to the financial crisis. Nobody can do this better than the ECB, and their putting discipline on indivual countries who stray from the rules ( e.g. by not supporting their bond buying and by closing the discount windows to their banks) is less abrasive than having a German recipe for all EU.
Nobody should forget that when in 2003 the ECB and the EU Commission tried to penalise France and Germany for straying away from the Euro rules, these countries used their political weight to change the rules and set a bad example for all the rest.