Germany’s highest court has paved the way for the creation of Europe’s permanent bailout fund. The move also opens the doors for the European Central Bank’s bond purchasing program. Our correspondent Jack Barton reports from Brussels.

As soon as Germany’s highest court ruled that the new permanent bailout fund was constitutionally legal Chancellor Angel Merkel was trumpeting the decision as game changer for the block and clear evidence that Germany is standing beside its Euro partners.

Angela Merkel, German chancellor, said,"Once again Germany is sending a strong message to the rest of Europe and beyond. "Germany is decisively living up to its responsibilities as Europe’s biggest economy and a reliable partner."

The bailout fund, officially known as the European Stability Mechanism can now be ratified by the German parliament.

It brings to the table a further 500 billion Euros to fight the crisis and will also officially allow the European Central Bank to begin its program of unlimited purchases of troubled short-term bonds.

The euro rose and markets rallied.

Ignacio Cantos, director of ATL Capital Investment Company, said,"The possibility for the euro to disappear is gone, and that should make markets stable."

While others acknowledged there would be a long-term cost.

Robert Halver, capital market analyst of BAADER Bank, said,"This means that along with the ECB the ESM can help smooth out the euro crisis in the long run, but at the price of higher debt and inflation."

And there was no joy on the streets of Athens.

Greek workers saw the move as likely to deliver yet more austerity as well as anger against the principle advocate of bitter medicine, which is Germany.

Nikos Mavradouros, municipality employee, Greece, said,"They want to conquer everyone. In some countries wealth is acquired through resource wars, and in our case they’re waging an economic war. Because we’re NATO members, they cannot wage a proper war against us, so their solution is economic war. They want to destroy us so that they can then come and take everything."

But in Brussels the ruling was seen as a clear sign that the Eurozone is moving in the right direction.

Jack Barton, Brussels, said,"While the breakthroughs will not in themselves solve the Eurozone’s debt crisis they will provide leaders here with the breathing room they so desperately need to implement their austerity and reform programs.

背景知識(shí)：

歐洲穩(wěn)定機(jī)制（European Stability Mechanism，簡稱ESM），是歐洲地區(qū)的永久性援助基金，是遵循國際公法的政府間組織，根據(jù)歐元區(qū)各國之間協(xié)定建立，總部設(shè)在盧森堡。

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