German court rejects challenge to ESM legality

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The German constitutional court has rejected attempts to block the country's participation in the European Stability Mechanism (ESM) – a eurozone bailout fund – on the grounds the budgetary autonomy of the German parliament is "sufficiently safeguarded".

In 2012, the court ruled the ESM treaty could be written into national law without violating the German constitution, but it was forced to consider the matter again after 37,000 citizens filed a complaint.

The court held firm on its initial stan

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