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Money, Civil Law and European Integration

Published online by Cambridge University Press:  17 February 2009

Eckart Koch
Eckart Koch
Affiliation:
Leiter der Abteilung Rechtswissenschaft, Technische Universität Braunschweig.
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Extract

Money as something corporeal is represented in coins and banknotes, which the legislator defines to be legal payment. They are fungible goods and therefore it is necessary to have regard to the principles of the law of property for their transfer. It is impossible for there to be more coins and banknotes than the legal authorities (the government is responsible for coins, the central bank is responsible for notes) have issued into circulation; were it to be more, it would be counterfeit money.

Type
Research Article
Information
European Business Organization Law Review (EBOR) , Volume 2 , Issue 3-4 , September 2001 , pp. 657 - 667
Copyright
Copyright © T.M.C. Asser Press and the Authors 2001

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References

1 Simitis stresses the barter value and talking about the “negating of substance”, presumably meaning that money is only a measure for the value of goods. Simitis, S., “Bemerkungen zur rechtlichen Sonderstellung des Geldes”, AcP (1960) 159, 160, 406 et seq.Google Scholar

2 On this Karsten Schmidt, in: Staudinger, , Kommentar zum Bürgerlichen Gesetzbuch, 12th ed. Vorbem. A 2 bb zu § 244.Google Scholar

3 Palandt, , Kommentar zum Bürgerlichen Gesetzbuch, 60th ed., § 245 Rz 2.Google Scholar

4 Riese, H., “Geld, das letzte Rätsel der Nationalökonomie”, in: Schelkle, / Nitsch, (eds.), Rätsel Geld (Marburg 1955) 45, 58.Google Scholar

5 A possible question is: may the central bank, which has no contractual risks as a creditor, book the interest produce as profit and deliver it to the circulation of money in the state? (in Europe the battle between the Member States over the distribution of money is an additional problem).

That would be an argument against Riese's system analysis, which states that the foundation of the monetary economy is not liberal norm orientated, but mercantile.

6 It is a philosophical question whether it is actually ingenious to quantify the amount of money isolated or if it only gives a quantitative measure for goods and results; see supra n. 1.

7 It made no sense to promote the heavy industry in the new lands with the argumentation that it produces durable goods. Investments make sense when it can be expected that a market exists for the products.

8 About the development of European procedural rules on the basis of Art. 65 EC see Heß, B., “Die ‘Europäisierung’ des internationalen Zivilprozessrechts durch den Amsterdamer Vertrag – Chancen und Gefahren”, NJW (2000) 23.Google Scholar

9 OJ [1989] C 158/400-401.

10 EP-Doc A 3-329/94. See also EuZW (1994) 612.

11 On this with many references to the initiatives in science and European legal policy see Grundmann, , “Europäisches Schuldvertragsrecht”, AW (2000) 15.Google Scholar

12 On this, Hahn, H. J., Währungsrecht (München 1990) §§ 10–12.Google Scholar