The German Constitutional Court clears the way for the Recovery Instrument to go ahead. The decision is not an unconditional green light. But it is a pragmatic ruling that takes the economic consequences of a delay explicitly into account.

Here is what it says:

1/ The Court does not throw out the complaints outright as in admissible or obviously unfounded. In the logic of previous rulings of the Court, what the plaintiffs argue could indeed be admissible and could lead to the Court nixing the Own-Resources Decision (ORD).

2/ Hence, there will be a full procedure and a ruling at a later stage. The Court also makes clear that it would in any case put the case to Luxembourg if it came to the conclusion that the ORD violates the treaties or the German constituion. This, the Court says, will take time.

3/ Until then, the German ratification of the ORD can go ahead. The reason for this has two steps: In the first step, the Court did a "summary check" of the ORD and did not find reasons to believe that the ORD violates the Bundestag's budget autonomy with high probability.

4/ This is mainly due to the fact that the mechanics of the ORD limit member state exposure. The Court also explicitly writes that member states are not directly liable for the debt incurred by the EU. Very important finding.

5/ So the Court basically says: "Looks ok at first sight but we'll have to take a closer look and might still find reasons to object at a later stage." But what should happen in the meantime? This brings us to step two: Weighing the consequences of halting the ratification.

6/ Karlsruhe follows the government's and the Bundestag's argument that stopping the ratification could lead to irreversible economic damage even if eventually it were to give the green light at a later stage: The instrument could then not serve its purpose anymore.

7/ The Court also accepts the government's position that stopping the ratification now only to give the green light later would damage Germany's position in the EU and the cohesion among member states.

8/ The Court considers the risks of letting the ratification go ahead but nixing the ORD later as a lot less important: It agrees that the budgetary impact seems limited and argues that in any case Luxembourg can undo the ORD if it violates the treaties.

9/ In sum, the Court unanimously comes to the conclusion that the ORD should go ahead. This is a pretty pragmatic, wise decision. And ultimately, it is very much in line with Karlsruhe's previous unwillingness to upend ongoing EU economic policy operations.

10/ Now we will still see a full procedure when the Court will decide on the merits of the case. But the "summary check" should give us a solid hint at where things are headed: In 2012, a similar check on the ESM treaty foreshadowed the final result a few years later.

11/ In addition, the fact that there was not even an oral hearing is an indication that the Court was fairly confident in its assessment. And its insistence that it will in any case consult Luxembourg if it sees problems, in line with previous rulings, is reassuring.

12/ So in sum: Result pretty much as expected, but refreshingly clear and very fast. Good day for Europe. And good day for Germany's role in it.