The German Constitutional Court voted in favor of the 500-Billion-Euro European Stability Mechanism bailout fund on Wednesday. Following that decision stock index futures climbed to their highest level for the past 3 months. This also comes as a relief to European officials as an opposite ruling would have left their hands tied for bail outs of distressed EU Member Sates.
The German Constitutional Court announced that complaints against the ESM were unfounded and permitted the ratification of the ESM and the EU Fiscal Pact under several conditions. Most importantly, the Bundestag will have veto powers in case of increase of Germany's 190 billion-euro contribution . The German Court also insisted that both Houses of German Parliament are kept informed on the developments regarding the ESM.
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