German Court Bows to Draghi

At 10 a.m. Central European Time, Germany’s Constitutional Court delivered its verdict Wednesday on the legality of Mario Draghi’s fiscal pact for Europe. The decision was an endorsement of the European central banker’s plan for the further federalization of the European Union, and the further loss of the national sovereignty of its member states.

Though the German court’s ruling does contain some caveats deferring to the will of the German electorate, it allows EU elites to now advance one more giant step toward the creation of a form of Holy Roman Empire, most especially in the fiscal and political arenas.

The Wall Street Journal reports, “The court decided that the region’s $640 billion permanent rescue fund, the European Stability Mechanism, or esm, was not in danger of breaching the German nation’s explicit ability to control its own budget. Germany, it seems, will carry on contributing about a quarter or more to this safety net” (September 12).

Though a preliminary ruling pending a final ratification in December, the court is expected to rubber stamp today’s decision at the end of the year. Meanwhile, the stage is set for the greatest delegation of power to Draghi’s European Central Bank (ecb).

According to documents released today in preparation for the establishment of Europe’s new banking union, the ecb is to be granted “sweeping powers to carry out spot checks and withdraw banking licenses, previously the preserve of national supervisors ….

“The proposals—which still face months of negotiation between governments and the European Parliament—give the ecb the power ‘to authorize credit institutions and to withdraw authorization of credit institutions’” (Euractiv, September 10).

To give an idea as to how far-reaching the ecb’s extended powers will be, Euractive reports that the draft documents establishing those new powers include “the right ‘to be able to exercise supervisory tasks in relation to all banks’ within the eurozone, a move resisted by Berlin …. Meanwhile, the potential reach of the ecb’s supervisory control into non-euro states is also covered by the draft, which says that such states would be pushed to enter into formal ‘close cooperation’ agreements with the ecb.

“Such agreements could allow the ecb to use the same spot-check powers within non-eurozone states as in eurozone countries.

“These include the right to require the submission of documents, examine and take records, quiz staff members and carry out unannounced on-site inspections” (ibid).

This proposed seizure of unprecedented power by the ecb will face much opposition from both eurozone and non-eurozone nations, chief of which, no doubt, will come from Britain. In fact, this could be the thin end of the wedge which sees the UK finally ousted from the EU.

Keep a close eye on the fallout from this major EU initiative. It is destined to aid powerfully the dislocation of the present form of the EU and its ultimate reformation into the prophesied 10-nation combine of Revelation 17.