The international media have not given much attention to the fact that yesterday’s ruling was a provisional one. The final rule is expected to come in about a month from now. Regarding the above “yes, but…”, it can be expected that there will not be changes in the final ruling.
One point whose importance should not be overlooked is that the GCC stipulated that the implementation of the cap on Germany’s liability (at maximum 190 BEUR) must be valid under International Law. It will be interesting to watch how the German government deals with this issue. They would be well advised not to deal with it too lightly!
A “light” dealing with this issue would take the form of an attachment to the ESM-Treaty signed by Germany stipulating the cap. Legal experts argue, however, that this would not make it valid under International Law. A “strong” dealing with this issue might have to the the form, in the extreme case, of amending the ESM-Treaty and having it ratified again by all participating countries.
Why is this important?
The GCC could “revenge” itself if it came to the conclusion that it has been “played” by the German government. Such a “revenge” could be based on the following.