Germany's Constitutional Court said on Wednesday the country can ratify the euro zone's new rescue fund and budget pact as long it can guarantee there will be no increase in German financial exposure to the bailout fund without parliament's approval.
Ruling that an injunction against the European Stability Mechanism (ESM) and fiscal compact was largely unfounded, the court said one condition for allowing ratification was that any increase in German liability beyond 190 billion euros ($244.77 billion) must first be approved by the Bundestag lower house of parliament.
Market Reversal
The euro held on to gains against most major currencies, while the dollar stayed lower on Wednesday, after the German constitutional court refused to block the ratification of the euro zone's permanent rescue fund
Prices of gold, oil and related commodities pushed higher on Wednesday in mid-morning European trading hours after a German court refused to block ratification of the European Stability Mechanism
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