- Philipp Roesler, German Economy Minister and Vice Chancellor
German Federal Constitutional Court cleared the way for Eurozone rescue fund (ESM) on Wednesday but gave parliament veto powers over any future increases in the size of the fund. The European Stability Mechanism with a total value of 500 billion euros is aimed to provide financial assistance to Eurozone's countries in financial difficulty.
"We are an important step closer to our goal of stabilizing the euro," German Economy Minister and Vice Chancellor Philipp Roesler said after the ruling today.
"It has always been the goal of this government" to establish a "clear limit and to include parliament in all important decisions."
"No permanent mechanisms may be created under international treaties which are tantamount to accepting liability for decisions by the will of other states, above all if they entail consequences which are hard to calculate," the eight judges wrote.
The Stoxx Europe 600 Index rose 0.12 per cent to 272.91. Germany's DAX Index advanced 0.46 per cent to 7,343.53 and France's CAC 40 Index gained 0.18 per cent to 3,543.79.
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