ESM, not yet of this world, dodges another curveball

On Monday, FT Alphaville wrote about the case in front of the German constitutional court concerning Europe’s fiscal pact and permanent bailout fund, the European Stability Mechanism. An interim ruling scheduled for September 12 could give a greenlight for the ESM to be brought online. The wait was already unnerving for markets.

By late Monday afternoon, news hit that the court had received a fresh challenge. The WSJ reports that a spokeswoman for the constitutional court has stated that the September 12 date for the interim ruling will not be affected by this latest challenge. More detail on this below.