In view of the German governmental and parliamentary consent to banking union which goes far beyond the authorization by article 127 TFEU, the Europolis-group has lodged a constitutional complaint at the Federal Constitutional Court. As soon as the regulation for the single resolution mechanism and the single resolution fund will enter into force the constitutional complaint will be enlarged. (read more …)
The attorney of the Europolis group Markus C. Kerber has requested today several injunctions from the German Constitutional Court against the German government and Parliament within the still pending ESM procedure. (read more …)
Wolfgang Schäuble, the German minister of finance, has told the New York Times: “We can only achieve political union if we have a crisis” (18 November, 2011). He wants to exploit the sovereign debt crisis to confer additional competencies on the European Union and build new European institutions. He started with the temporary bail-out fund EFSF, he then managed to perpetuate it in the shape of the European Stability Mechanism (ESM), and he now pushes for a “Single Supervisory Mechanism” under the roof of the European Central Bank (ECB). After that, he intends to establish a European Rescue and Resolution Mechanism at the ESM. Other mechanisms are likely to follow if he stays in office.
„Markus C. Kerber, professor of economics at TU Berlin, tells CNBC the European Central Bank has strayed outside its mandate by pursuing the Outright Monetary Transactions program to assist countries with struggling economies.“
„Markus C. Kerber, Professor at TU Berlin, talks to GoldMoney’s Alasdair Macleod about his lawsuit against the European Union’s Fiscal Compact and the permanent bailout fund known as the “European Stability Mechanism”. He also discusses his advocacy of currency competition in Europe.“
„A new challenge to the European Stability Mechanism, the eurozone’s permanent €500bn rescue fund, has been filed in the German constitutional court, seeking to delay ratification by Germany until it has sought the opinion of the European Court of Justice in Luxembourg.
Professor Markus C. Kerber, founder of Europolis, argues that the ESM will present Germany with “irreversible and unsustainable financial risks” which would leave the strongest economy in the eurozone “in a state of budgetary strangulation”.
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