German turmoil over EU bail-outs as top judge calls for referendum

Germany’s top judge has issued a blunt warning that no further fiscal powers may be surrendered to Europe without a new constitution and a popular referendum, vastly complicating plans to boost the EU’s rescue machinery to €2 trillion (£1.7 trillion).

Andreas Vosskuhle, head of the constitutional court, said politicians do not have the legal authority to sign away the birthright of the German people without their explicit consent.

“The sovereignty of the German state is inviolate and anchored in perpetuity by basic law. It may not be abandoned by the legislature (even with its powers to amend the constitution),” he said.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Credit Markets, Currency Markets, Economy, Euro, Europe, European Central Bank, Germany, Law & Legal Issues, Politics in General, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

One comment on “German turmoil over EU bail-outs as top judge calls for referendum

  1. Pageantmaster Ù† says:

    There is ‘trouble at Mill’! I just find the way that loose talk of billions washing about has been replaced by trillions – and that is just to sort out the indebtedness of just a few of the basket-case Euroeconomies and the banks which recklessly lent to them. Cranmer is talking of Eurogeddon. Hubris and nemesis.

    I fear for the medium term unless there is some realism and some action, and perhaps even then. A Prayer from the Church of England.