German court to rule on ESM

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The German top court is to rule on the European Stability Mechanism (ESM) despite a last-minute request asking for its delay submitted by Peter Gauweiler, a leading eurosceptic politician.

Germany’s constitutional court is to announce whether it will grant an injunction against the ESM and the new European fiscal treaty.

Despite mounting political pressure from Eurozone members to put in place a €500 billion ESM fund towards the rescue of Spanish banks and restore investors' trust, German President Joachim Gauck has stalled his backing of the ESM until a thorough constitutional examination has been finalised. 

The final decision on the ESM could be a crucial moment in the over two-year long struggle to stabilize EU economies and grant the southern Eurozone member states some relief from their growing financial troubles.