BRUSSELS, Sept. 12 (Xinhua) -- Eurogroup President Jean-Claude Juncker on Wednesday said he planned to convene the inaugural meeting of the European Stability Mechanism's (ESM) board of governors on Oct. 8 this year.

"Taking full account of all elements of the ruling, I look forward to the completion of the outstanding procedures allowing for the treaty establishing the ESM to enter into force," Juncker, who is also the prime minister of Luxembourg, added in a statement.

The inaugural meeting of the ESM's board of governors is expected to be held in the margins of the Eurogroup meeting in Luxembourg, he said.

Juncker's words came hours after the German Federal Constitutional Court gave a green light on Wednesday for the country to ratify Europe's new bailout fund and the "fiscal compact."

"Both treaties represent a major step forward towards closer fiscal and economic integration and stronger governance in the euro area. They are part of our comprehensive strategy to bolster the outlook for fiscal sustainability and growth in the euro area," Juncker said.

"The treaty on Stability, Cooperation and Governance in the Economic and Monetary Union (TSCG) would enter into force once 12 euro area member states have ratified it, but not earlier than 1 January 2013," he said.