Blog Archives

The Implications of the German Court ruling on the ESM


The German courts rule that the European Stability Mechanism (ESM) and the EU’s fiscal compacts are compatible with the German Law.

This is a great day for Germany and a good day for Europe,” said Chancellor Angela Merkel.

The European Parliament leapt to its feet in thunderous applause at the announcement of the news.

However, in reality, the ruling is a yes “but” judgement.

The court capped Germany’s ESM share at €190bn and ordered the government to “express clearly that it cannot be bound by the Treaty” if the limit is breached. This prevents the ESM increasing Germany’s share if Spain and Italy seek additional funding.

This capping of the fund could in the future prove a real obstacle to political and economic problems.

The Karlsruhe court said both houses of the German parliament, including the Bundesrat must be consulted on all EU bailouts. The Bundestag “must individually approve” each large rescue package and is prohibited from establishing permanent mechanisms based on international treaties to bypass this ruling. This means no ESM package for Spain, and Italy can go ahead without a vote in the Bundestag.

An acquisition of government bonds on the secondary market by the ECB aiming at financing the Members’ budget independently of the capital markets is prohibited, as it would circumvent the prohibition of monetary financing,” the ruling said. Where this leaves the Draghi bond plan is anybodies guess.

Overall, there is an element of “stalemate” to the ruling and so the circus continues and the dog collars remain firmly fixed.

For now, the statues quo remains but expect the fun and games to start after Christmas.

 

 

 

Upcoming EU Events that will Impact on Ireland


Today the German Constitutional will issue a preliminary ruling on the €500bn ESM fund. If the result is positive, it will need the approval of the Bundestag.

Nothing then happens until Spain and Italy formally request a rescue from the EU bailout funds.

There will be no new deal for Ireland until we have closure on these matters.

The negotiations with Spain and Italy will be tough. The Spanish Finance minister Luis de Guindos has told the creditor bloc that the battle for the survival of the euro will take place in Spain. Some people see this as a threat to walk away from the Euro if pushed too far.

If deals are not stuck over the coming months, the outlook for Ireland just becomes that bit harder.

Our Government appears to rely on a positive outcome, and we suspect that they have no alternative plan if the negotiations prove to be futile.

In the long term, this debt problem will, hopefully be solved resulting in debt stabilizing at a high level. This of course means for the participating bailout nation’s years of austerity.

It of course remains debatable even if the plan comes to fruition, it will correct these very complex problems. However, then again, that is another story.

MovieBabble

The Casual Way to Discuss Movies

OLD HOLLYWOOD IN COLOR

...because it was never black & white

LEANNE COLE

Art and Practice

CURNBLOG

Movies, thoughts, thoughts about movies.

FilmBunker

Saving you from one cinematic disaster at a time.

From 1 Blogger 2 Another

Sharing Great Blog Posts

Wonders in the Dark

Cinema, music, opera, books, television, theater

Just Reviews

Just another WordPress.com site

Mark David Welsh

Feeding Soda Pop to the Thirsty Pigs since 2013

conradbrunstrom

Things I never thunk before.

News from the San Diego Becks

The life and times of Erik, Veronica and Thomas

The Silent Film Quarterly

The Only Magazine Dedicated To Silent Cinema

Leaden Circles

First a warning, musical; then the hour, irrevocable. The leaden circles dissolved in the air.

My Archives

because the internet is not forever

CineSocialUK

Up to the minute, fair, balanced, informed film reviews.

PUZZLED PAGAN PRESENTS

A Shrine to Pop Culture Obsessiveness. With Lots of Spoilers

Thrilling Days of Yesteryear

“Nostalgia isn’t what it used to be” – Peter DeVries

thedullwoodexperiment

Viewing movies in a different light

Twenty Four Frames

Notes on Film by John Greco

Suzanne's Mom's Blog

Arts, Nature, Good Works, Luna & Stella Lockets & Birthstones

It Doesn't Have To Be Right...

... it just has to sound plausible

NJ Corporate Portrait Photographer Blog

The life of a corporate portrait photographer who likes to shoot just about anything.

arwenaragornstar

A French girl's musings...

Jordan and Eddie (The Movie Guys)

Australian movie blog - like Margaret and David, just a little younger

Octopus Films

A place for new perspectives on films, TV, media and entertainment.

scifist 2.0

A sci-fi movie history in reviews

The Reviewer's Corner

The Sometimes Serious Corner of the Internet for Anime, Manga, and Comic related things

First Impressions

Notes on Films and Culture

1,001 Movies Reviewed Before You Die

Where I Review One of the 1,001 Movies You Should Watch Before you Die Every Day

Movies Galore of Milwaukee

Movie Galore takes a look at Silent films on up to current in development projects and gives their own opinion on what really does happen in film!

The Catwing Has Landed

A Writer's Blog About Life and Random Things

mibih.wordpress.com/

Anime - Movies - WWE

Gabriel Diego Valdez

Movies and how they change you.

The Horror Incorporated Project

Lurking among the corpses are the body snatchers....plotting their next venture into the graveyard....the blood in your veins will run cold, your spine tingle, as you look into the terror of death in tonight's feature....come along with me into the chamber of horrors, for an excursion through.... Horror Incorporated!

Relatos desde mi ventana

Sentimientos, emociones y reflexiones

Teri again

Finding Me; A site about my life before and after a divorce

unveiled rhythms

Life In Verses

Gareth Roberts

Unorthodox Marketing & Strategy

leeg schrift

Taalarmen

100 Films in a Year

12 months. 100 films. Hopefully.

%d bloggers like this: