Court Rejects Challenges to German Euro Bailouts
By NICHOLAS KULISH and ALAN COWELL
Published: September 7, 2011
KARLSRUHE, Germany — In a widely followed ruling on Wednesday, Germany’s Constitutional Court upheld the legality of Berlin’s rescue packages for debt-stricken euro zone countries, but said any future bailouts must be approved by a parliamentary panel.
The decision seemed to place fewer restrictions than some had expected on Chancellor Angela Merkel’s ability to react to the European debt crisis, while the high public standing of the court should lend broader legitimacy to government efforts to shore up the European currency. But, some analysts said, the ruling could hamper Mrs. Merkel’s power to take quick measures.
The court’s president, Andreas Vosskuhle, said the ruling did not represent a “blank check for additional rescue packages.”
Speaking at a parliamentary budget debate in Berlin, Mrs. Merkel said the ruling had “absolutely confirmed” her government’s “transparent” handling of Europe’s debt crisis in close consultation with Parliament. “That is exactly the path we have followed,” she said.
Mrs. Merkel again underlined her country’s commitment to the single currency and European integration, saying the euro was “much more than a common currency.”
“If the euro collapses, so does Europe,” she said, adding: “Germany’s future is inseparable from Europe’s future.”
for complete:
http://www.nytimes.com/2011/09/08/world/europe/08germany.html?hp
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