Germany’s top judge made clear to the nation’s leaders that they lived in the state of Germany and the fiscal powers of the country could not be surrendered to some entity known as the European Union. Andreas Vosskuhle said: “the sovereignty of the German state is inviolate and anchored in perpetuity by basic law.” He warned about continuing to give up core powers to the EU because the end result might be to deny Germany its individual character and require a new constitution.
Germany is vital in the European Union effort to restore financial stablity. There is no doubt enormous amount of money will flow from Germany to bankrupt nations like Greece or Spain or Ireland. The issue is not suppplying the money, the issue, as always, is creating institutions and policies that prevent the meltdown of nations such as Greece.