Eurozone approves German Court conditions on ESM treaty
(BRUSSELS) - Eurozone governments approved on Thursday a tweak to the treaty setting up the European Stability Mechanism, to take account of extra democratic controls sought by the German Constitutional Court.
A spokesman for the European Union's Cypriot rotating presidency said on Twitter that an "interpretative declaration concerning some of its provisions" had been adopted.
This clears a political hurdle before the financial firewall's entry into service, starting on October 8 when its board -- the Eurogroup of finance ministers -- meets in Luxembourg.
The Court this month cleared Germany's participation in the 500-billion-euro ($640 billion) ESM but capped the share of the pot for the eurozone's biggest country at 190 billion euros and said any increase would have to be approved by parliament.
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