Germany’s Constitutional Court in Karlsruhe yesterday put the German law authorizing the nation’s participation in the European Union’s €750 billion pandemic recovery fund on hold while it weighs an emergency request seeking to block the legislation. The decision is the result of a case filed on March 26 on behalf of political group Bündnis Bürgerwille. As part of the suit, the group is seeking an interim ruling stopping the law from taking effect while the case is pending.
The European Commission won’t be allowed to raise debt in capital markets to finance the EU’s recovery fund until the underlying legislation has been fully ratified in all 27 member states.
