Author (Person) | Wiesmann, Gerrit |
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Series Title | Financial Times |
Series Details | 28.2.12 |
Publication Date | 28/02/2012 |
Content Type | News |
The German Constitutional Court issued a ruling on the 28 February 2012 which would boost the powers of parliamentarians in the German Parliament. The court declared that a select committee ('Group of Nine') set up in 2011 to approve emergency steps for fighting the eurozone crisis was illegal. The judges had to decide how far parliament should be involved in decisions taken by the EU bailout mechanism, the European Financial Stability Facility (EFSF). The Bundestag had passed a law enabling a nine-member body to make emergency decisions on how and when the EFSF should be implemented. However, Germany's highest court found that the committee infringed on parliamentary rights. The judges did concede, however, that decisions about buying sovereign bonds on the secondary market could be made by the nine-member body because of the need for confidentiality and speed. |
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Subject Categories | Economic and Financial Affairs |
Countries / Regions | Europe, Germany |
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