A German constitutional court has allowed the new European bailout fund, the European Stability Mechanism (ESM), to go forward, with only one condition that appears surmountable. The European Union breathed a huge sigh of relief Wednesday after a German court ruled Berlin’s approval of taxpayers’ cash to aid its deeply indebted neighbors was not unconstitutional, [...]

The 17 countries of the Eurozone formally backed a new deal for fiscal management, one designed to “save the euro” but which can only help if a host of other measures fall into place, including any plan to actually boost growth on the southern periphery. The European Council released this communique on the agreement. Because [...]