本报记者 陈听雨

Our reporter Chen rain

　　德国宪法法院12日裁定，欧元区永久性救助机制——欧洲稳定机制（ESM）和欧盟最新“财政契约”符合德国宪法，但附加了一定的条件，其中包括未经德国议会允许，该国政府须确保对ESM的出资额不超过1900亿欧元。欧元集团主席容克随后宣布，欧元区计划于10月8日召开ESM理事会首次会议，预计ESM正式启动的时间不会早于2013年1月1日。

Germany's constitutional court ruled 12,The eurozone permanent relief mechanism - Europe stability mechanism(esm)And the European Union the latest"Financial contract"Accord with the German constitution,But in addition to the certain conditions,Including the German parliament allowed without,The government shall ensure that the amount of capital contribution esm to no more than 190 billion euros.The euro group chairman RongKe then announced,The euro zone plan in the October 8 esm council convened the first meeting,esm is expected to formally start time won't before January 1, 2013.

　　德国宪法法院公布上述裁决后，欧元对美元汇率经短暂剧烈波动后一度涨至1.29美元上方，触及5月14日以来新高。欧股盘中普遍上扬。

Germany's constitutional court ruling to announce afore-mentioned after,In the euro/dollar exchange rate the short after violent fluctuation once rose to $1.29 above,Touch on May 14, record high since.European shares dish generally rise.

欧元欧股上扬 The euro rose European shares

　　德国宪法法院当日驳回此前德国议员要求推迟裁决ESM合法性以及反对欧洲央行干预债市的申诉。该院要求，首先，德国政府有关ESM的决议须获议会两院批准，驳回了ESM的保密条款；其次，在特定条件下，可对ESM和财政契约作出修改；第三，在未经德国议会审批的情况下，德国政府须确保该国对ESM的出资额不超过1900亿欧元。分析人士指出，值得注意的是，此项要求并未禁止德国对ESM的出资超过1900亿欧元，而是要求德国对援助机制的增资不能自动发生，需经议会批准。

Germany's constitutional court dismissed after the German council to postpone esm ruling legitimacy and against the European central bank intervention of the bond market appeal.Hospital requirements,First of all,The German government related esm resolution, subject to the approval of the parliament,Rejected esm confidentiality clause;secondly,In certain conditions,For esm and financial contract to make amendments;The third,In the German parliament without the approval of cases,The German government shall ensure that the country's esm the amount of not more than 190 billion euros.Analysts pointed out that,It is important to note that,This requirement does not prohibit Germany esm to the capital of the more than 190 billion euros,But for Germany to aid mechanism of capital increase can't happen automatically,Subject to parliamentary approval.

　　受此提振，截至北京时间12日18时，欧元对美元汇率上涨0.56%至1.2924，德国DAX指数上涨1%至7383点，法国CAC40指数上涨0.81%至3565点，意大利富时MIB指数上涨1.16%至16413点。欧元区高负债国希腊、意大利和西班牙10年期国债收益率分别回落至20.89%、5.05%和5.62%。

By this boost,By the Beijing time 12 when 18,In the euro/dollar exchange rate rose 0.56% to 1.2924,German DAX index rose 1% to 7383 points,The French CAC40 index rose 0.81% to 3565 points,Italy when rich MIB index rose 1.16% to 16413 points.The euro area high debtor country Greece/Italy and Spain the 10-year Treasury yield dropped back to 20.89% respectively/5.05% and 5.62%.

　　摩根士丹利认为，德国宪法法院针对ESM设置的条件相对宽松，并未改变欧洲央行购债行动的条件，在此情况下，预计欧元区高负债国国债将受到有力支撑，但市场的注意力随后将转移至欧央行和救助基金干预债市的行动。假如救助基金首先在一级市场购债，则高负债国与德国国债收益率差将收窄。这意味着为支持欧元区高负债国，德国的信用将在一定程度上受损。

Morgan Stanley think,Germany's constitutional court according to the condition of esm set relatively loose,Did not change the European central bank purchase debt action conditions,In this case,The eurozone expected high debtor country national debt will be strong support,But the market's attention will then transferred to the ECB and the rescue fund intervention bond market action.If rescue fund first in the primary market for debt,The high debtor country with German Treasury yield difference will narrow.This means that the euro area to support high debtor country,Germany's credit will be damaged to a certain extent.

　　摩根士丹利还预测，欧股最初会出现一定上涨，但由于援助希腊进程的持续不确定性以及企业盈利前景疲弱，欧股仍将处于相对反弹区域，难以突破今年3月大跌前的水平。

Morgan Stanley also predict,European shares may initially appear must rise,But because aid Greece process of continuous uncertainty and corporate earnings outlook the weak,European shares rebound will remain in relative areas,Difficult to break through march this year before the crash level.

ESM明年初将再临考 esm early next year will be at the examination

　　不过分析机构指出，12日德国宪法法院仅裁决是否对ESM施行紧急禁令，即阻止德国政府批准救助机制，而德国针对ESM的最终裁决要到2013年才会做出，这意味着永久性救助机制启动仍需面临考验，但预计最终裁决结果不大可能偏离初步裁决。

But analysis agency says,12 the German constitution court only for determining whether or not to execute emergency ban esm,Which is to prevent the German government approval relief mechanism,And Germany in the final award esm to 2013 years to make,This means that the permanent relief mechanism start still need to face the test,But the final award is expected to result is unlikely to deviate from preliminary ruling.

　　ESM是欧元区应对欧债危机的重要工具，原定于今年7月1日正式生效，旨在向融资困难的欧元区高负债成员国和银行提供资金支持，目前规定该机制借贷能力为5000亿欧元。欧央行6日发表声明称，该行执行直接货币交易计划（OMT）的前提条件是欧洲金融稳定基金（EFSF）/ESM在一级市场购债。

The eurozone esm is to deal with the debt crisis of the important tool,Scheduled for July 1st,Aiming to the financing difficulties of the euro area high debt member states and the bank to provide financial support,The current regulations this mechanism lending ability for 500 billion euros.The ECB 6 issued a statement that said,The bank executive direct currency trading plan(OMT)The premise condition is the European financial stabilization fund(EFSF)/ esm in the primary market for debt.

　　据欧盟规定，启动ESM需经占ESM出资份额90%以上的成员国批准。作为欧元区头号经济体和ESM出资大户，德国“首肯”是ESM生效的关键因素。德国批准ESM需议会两院通过并经该国总统签字。德国议会两院于6月29日以三分之二多数通过了ESM和财政契约，但总统高克应宪法法院要求暂时拒绝签字，以给法院足够时间进行听证和调查。德国宪法法院7月10日结束了针对ESM和“财政契约”的首场听证会。

According to the European Union regulation,Start esm subject to account for more than 90% of the capital contribution share esm member approval.As the euro area's economy and esm large capital contribution,Germany"consent"Is the key factor of esm effect.Germany esm approval to parliament by the country's President and the signature.The German parliament on June 29, with a majority of two-thirds of the passed esm and financial contract,But the President GaoKe constitution court requirements shall be temporarily refuse to sign,To give the court enough time for the hearing and investigation.Germany's constitutional court on July 10, in the end esm and"Financial contract"First hearing.

　　在德国卡尔斯鲁厄，该国宪法法院就欧洲稳定机制是否合法给予判决。

In Germany karlsruhe,The country's constitutional court is European stability mechanism is legal to give judgment.