German FinMin Wolfgang Schaeuble is being quoted in the Bild Zeitung (German language) as saying that even though it would be very difficult to do, changes will need to be made to the EU treaty. The EU will need to transfer more power to the EU executive commission.
Next weeks German constitutional court decision will also be closely watched and the court is expected to insist on the Bundestag having much more say in any decisions on increasing Germany’s bail-out contributions. This might be enough to appease Frau Merkel’s coalition partners in the CSU and FDP, and then she would might need some support from the opposition in order to get her legislation through. She’s likely to get this support if needed so, for the moment at least, the legislation is likely to pass through the Bundestag in late September. But it’s politics, so we can expect some changes to the plan.
