German Court Will Not Delay ESM Decision

Germany’s Constitutional Court sees no reason to delay a ruling scheduled for Sept. 12 on the legality of the euro zone’s permanent bailout fund and a separate pact on budget discipline.

On Monday, a group of German academics said it was seeking to delay the hotly anticipated ruling by the country’s top court on whether the European Stability Mechanism (ESM) and the so-called fiscal compact violate German law.

“Delaying the date of the verdict is currently not indicated,” a spokeswoman for the court said.

Europolis, a group led by German academic Markus Kerber, said the Karlsruhe-based court should make no decision until the European Court of Justice has ruled on a similar case brought by an Irish member of parliament.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza