In their complaint, however, they did not explain how sovereign rights might be transferred to the ESM or the European Union with the reform, the court said. Another violation of their rights as a member of parliament has not been adequately explained either. The European Stability Mechanism (ESM) was created ten years ago in response to the financial and economic crisis to support ailing euro countries.
The reform should give him more opportunities to help with financial crises. In addition, a joint security fund for the resolution of failed banks is planned. The Bundestag and Bundesrat agreed in June 2021. However, at the request of the Constitutional Court, the Federal President waited to sign the document.