Merkel Secures Vote for Euro Treaties
As expected, more than two-thirds of the lawmakers in Germany's parliament moved on Friday to approve the permanent euro rescue fund, the European Stability Mechanism, and a fiscal pact long championed by Chancellor Angela Merkel. However, the treaties still face a review by the country's highest court before they can be ratified
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What's more, the bailout fund will be allowed to pump money directly into struggling European banks rather than pushing countries deeper into debt by loaning the money to governments themselves in exchange for austerity commitments. However, this can only happen after a single European banking supervision mechanism -- under the auspices of the ECB -- has been established, which could take some time.
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Italian Prime Minister Mario Monti and Spanish Prime Minister Mariano Rajoy were able to secure the concessions by threatening to torpedo the €120 billion ($150 billion) European Union growth pact originally proposed by French President François Hollande, who had promised voters during his recent presidential campaign to secure a growth component to complement Merkel's fiscal pact. Even if experts doubt whether the growth pact will have much of an effect, Merkel had promised the successful passage of the pact to the opposition back home, as well as support for a financial transaction tax, in exchange for their support in ratifying the ESM and the fiscal pact in Friday's votes.
In SPIEGELONLINE
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