Germany: Parliamentary Bailout Committee May Be Unconstitutional

[marmar]

from Der Spiegel:



A new parliamentary panel being set up in Germany to provide speedy approval of future rescue measures by the euro rescue fund may be in breach of constitutional rules. A study commissioned by the opposition suggests the committee will not provide the kind of say for politicians in multibillion-euro bailouts demanded by the country's highest court.

A new panel of lawmakers set up by the German parliament to reach quick decisions on the release of rescue funds from the European Financial Stability Facility (EFSF) may be in breach of the German constitution, a study by the parliament's research unit has shown.

The panel is intended to ensure that parliament has a say in the release of funds from the EFSF, following a Constitutional Court ruling last month which said the parliament must be involved in measures to bail out other euro-zone member states.

The nine-member body, to be selected from the parliament's budget committee, is to approve bailout decisions with the necessary speed and confidentiality to avoid fanning financial market turmoil. ............(more)

The complete piece is at: http://www.spiegel.de/international/europe/0,1518,792159,00.html