Spindelegger welcomes ESM decision taken by the German Constitutional Court
Final start signal for euro rescue fund – Way cleared for swift implementation
Vienna, 12 September 2012 – “The decision comes as no surprise. We have always expected the European Stability Mechanism to be in conformity with the treaty, both in Austria and in Germany. Nevertheless this is a good and important decision for Germany and for Europe. It is the final start signal for the euro rescue fund, and the road has been paved for swift implementation of the European Stability Mechanism.” This was Vice-Chancellor and Foreign Minister Michael Spindelegger’s reaction to today’s ruling of the German Constitutional Court in Karlsruhe that approved the ESM Treaty.
“There can be no question in Austria that any increase of liability will only be possible after Parliament has granted its approval“, Spindelegger said referring to the reservation made by the Court in Karlsruhe stating that approval of the German Parliament would be required if Germany’s liability was to exceed 190 billion euros. The Austrian Parliament has already been granted far-reaching participation rights in the framework of the parliamentary approval procedure at constitutional level.
The Austrian Government expects that the necessary steps will now soon be taken so that Germany can conclude the ratification of the treaty on the European Stability Mechanism as the last euro member state to do so, Spindelegger said.
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