Italian premier says ESM approval 'great news'

Italian premier says ESM approval 'great news'

(ANSA) - Rome, September 12 - Italian Premier Mario Monti reacted positively to the German Constitutional Court's approval of the European bailout mechanism (ESM) and fiscal compact on Wednesday, saying that it is "good, great news". The court's decision "removes the last hurdle" for the ESM activation and will not "impede market stability," said Monti. The Italian premier added that questions raised about the ECB possibly overstepping its mark "should be handled by the EU, not the German courts". The much-awaited decision by the German Constitutional Court on the ESM gave a conditional yes, limiting bailouts to 190 billion euros, the court said Wednesday. Also on Wednesday, the European Commission formally approved plans for the European Central Bank (ECB) to have the power to monitor all 6,000 European credit institutions.

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