From two months ago: A surprise from the Bundestag: Merkel will need two-thirds majority for ESM (Eurointelligence, 14.02.2011)

According to a news report in Der Spiegel this morning, Angela Merkel may require a two-thirds majority to approve any agreement on the European Stability Mechanism, the long-term replacement of the EFSF. This came from an opinion expressed by the Bundestag legal department. This is the same hurdle as required for a full blown change in the German constitution, but in this case the high voting threshold is required because the decision has implications for the Bundestag's administrative sovereignty (we presume it might require the Bundestag to sign checks against its will). This means that Merkel will need the support of the SPD and/or the Greens to push her package through, and this in turn means that her degrees of freedom during the negotiations on the competitiveness pact will be even more constrained.

Economics is politics by other means

Eurointelligence: Bundestag wants to reduce Merkel's room for manoeuvre (23.02.2011)

(Here is very short overview to keep track of where the various actors are standing: The Bundesbank opposes pretty much anything, stress tests, extension of the EFSF's ceiling and mandate; the German government would be open to a wider ceiling, but would find it hard to sell it to the Bundestag, unless Portugal agrees to come under the EFSF. Generally the finance ministry is more open on matters such as the mandate of the EFSF than the chancellor's office; but the big gap is not between Schäuble and Merkel, but between the government and the Bundestag. The Bundestag is hostile to any mandate extension of the EFSF, and cautious about the ESM, including bond purchases, as this would invariably put pressure on the ceiling. Everybody wants to avoid a situation where the government keeps coming back to the Bundesbank for more money every so often)

Economics is politics by other means

Even if a two/third majority is needed - I doubt that and the Wissenschaftliche Dienst is not the constitutional court after all - SPD and Greens will support the government on this question. There won't be a rebellion on this side, either.

The unhappiness is real, but there will be no consequences yet.