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The Court has ruled that the ESM Treaty may be ratified if it is ensured under international law that the provision in the first sentence of Article 8(5) of the ESM Treaty limits all payment obligations of the Federal Republic of Germany to the amount stipulated in Annex II to the Treaty – approximately €190 billion.
The Court said that no provision of the Treaty may be interpreted in a way that establishes higher payment obligations for the Federal Republic of Germany without the agreement of the German representative. According to the Court, steps must also be taken to ensure, via international law, that the provisions under Article 32(5), Article 34 and Article 35(1) of the ESM Treaty do not stand in the way of the Bundestag andBundesrat being provided with comprehensive information.
German Finance Minister Dr Wolfgang Schäuble commented:
"The Federal Constitutional Court’s decision is good for Europe and good for our country. The Court has confirmed the Federal Government's view that the ESM and the fiscal compact are constitutional. The ruling also upholds the Bundestag's budgetary sovereignty. The ratification process can now be completed swiftly. As clearly defined in the treaties, Germany's contribution to the ESM is capped at €190 billion.
In the ratification procedure, the Federal Government will make sure that Germany's liability remains limited to the maximum amount set down in the ESM Treaty, no matter what the circumstances. This is already in line with the unanimous views of the signatories. At the same time, we want to make it clear once again that the Bundestag and the Bundesrat's rights to receive comprehensive information will remain untouched. The ESM can be operational within a few weeks. Today marks an important milestone in our efforts to stabilise the eurozone."
Minister Schäuble answers public enquiries on the European Stability Mechanism (in German) Video