Two days before the German constitutional court makes its ruling on the ESM, it is revealed that a commission of legal experts of the German parliament say that the ESM law violates the budgetary rights of the German parliament (Bundestag).
The ESM possibly creates an immediate and unlimited liability for the debts of other countries.
The German paper Neue OsnabrÃ¼cker Zeitung obtained this legal report dated September 5th.
This joins a fresh last minute appeal by Peter Gauweiler (a known anti-euro politician), claiming that the new details of the ECB’s bond-buying program (OMT) are a material change in what the German parliament already approved and court’s decision should be postponed in order to understand these changes.
Will the German constitutional court be influenced by this parliamentary report or by the OMT?
We will get the answer on Wednesday, September 12th. See more in the preview: All Eyes on Karlsruhe.