Additional countries -- such as France -- could pattern themselves after the Germans.

The Bundestag has enjoyed co-determination rights that exceed virtually every other national parliament in Europe. Representatives of all political parties decided last week that these rights should now be extended. In the future, the Bundestag will have to give its approval to nearly all measures taken within the scope of the temporary euro-zone rescue fund, the European Financial Stability Facility (EFSF). That is, of course, how things should work in a properly functioning democracy. But the situation also requires viable procedures and effective decision-making bodies -- and this is precisely where the problem lies. Veteran parliamentarians have warned that the new rules will be extremely difficult to implement, and the ECB too is alarmed. Central bank representatives have informed the German government that the reform threatens the effectiveness of the bailout packages and shifts the onus right back to the body that was actually supposed to be relieved of this burden: the ECB's governing council. Indeed, the parliamentarians had originally organized the monitoring of the new fund largely in line with the monetary watchdog's needs. Regardless of whether the temporary rescue fund was to aid debt-stricken countries by purchasing sovereign bonds directly from governments on the so-called primary market, or on the stock exchanges (the secondary market), the decisions were to be largely monitored by a secret committee elected by the parliamentarians. That, at least, was what the Bundestag decided last September. The parliamentarians hoped that this would prevent the euro rescuers' plans from being prematurely disclosed and effectively nullified by speculators on the financial markets.

To make matters worse, the ESM could be completely paralyzed if the German democratic approach becomes a precedent for other countries in the euro zone. Until now, it has mainly only been the Finnish parliament that has enjoyed co-determination rights similar to those of the Bundestag's. But additional countries -- such as France -- could pattern themselves after the Germans. It seems to be only a matter of time before most national parliaments have a say in every step of the euro rescue.