243 research outputs found
The Structure of European Company Law: From Crisis to Boom
This publication is with permission of the rights owner freely accessible due to an Alliance licence and a national licence (funded by the DFG, German Research Foundation) respectively.The two constitutional principles of subsidiarity and integration in the European Union clearly force the system to be one of jurisdictional competition. The text books still do not start from the assumption that diversity, and the tools for making it compatible with integration, are just as important an element of European company law as harmonisation. This paper argues that they should. This would then lead them to discuss in which areas there should be such competition, to identify the conditions for functioning competition and to try to suggest where and how to enhance it. Diversity clearly requires information. Therefore, the second core element of the structure of European company law consists of disclosure rules. These rules are indeed clearly dominant in European company law, be it in accounting law, the law of capital markets or in traditional EU Company Law Directives. On this basis, other important features â pairs of concepts â can also be explained: (1) the fact that European company law focuses on limited liability companies and sometimes exclusively on PLCs; (2) the fact that European company law is so extroverted, that is to say, the regulation of the third-party relationship is so dominant, that shareholdersâ rights are really regulated only insofar as the proportionate share is âconstitutionallyâ guaranteed; and (3) the fact that capital markets must clearly be seen as an integral part of European company law and may not be disregarded in any description.Peer Reviewe
The Future of Contract Law
This publication is with permission of the rights owner freely accessible due to an Alliance licence and a national licence (funded by the DFG, German Research Foundation) respectively.This contribution starts out with the fundamental changes society and law have undergone since 200 years ago with the âdiscovery of consensus' and asks the question whether at the turn of our millennium, we are living similarly in a period of fundamental change. In this context, the contribution asks the question about the future of contract law. It does so primarily for Europe. To answer this question, it is argued that both institutionally and in substance contract law is indeed undergoing fundamental change, starting only a few decades ago. Contract law has become in its dynamic aspects largely European, decreasingly national, and will become over the next few decades, in substance, method and style, even primarily European. It has become a law in which party autonomy and instruments of order and protection have become similarly important and this process will continue. Standard contract terms, consumer protection, anti-discrimination are only three key elements; the financial crisis will trigger further thinking. The aim is to discover an equilibrium in which the material freedom of all parties concerned is best furthered. The article then argues that a trend towards codification comes together with a trend not to consider the code as âuniversal order' any longer, that a trend towards generalisation comes together with a trend to differentiate more even in a general part of contract law: between different types of contract partners, different types of groups of contracts (spot contracts and long-term contracts), and different paradigms for the formation of contracts. The article concludes with an examination of some core areas where major steps of modernisation have been taken lately and it forecasts that contract law will be more international, interdisciplinary, more interested in the rule-setting process, more market and business oriented. In short it predicts that a similar discussion to that found within debates about corporate governance will develop for contract governance on a European level.Cette contribution Ă©voque tout d'abord les changements fondamentaux que la sociĂ©tĂ© et le droit ont connus depuis 200 ans avec la âdĂ©couverte du consentementâ et elle soulĂšve la question de savoir si, au tournant de notre millĂ©naire, nous sommes Ă©galement en train de vivre une pĂ©riode de changement fondamental. Dans ce contexte, cette contribution soulĂšve la question de l'avenir du droit des contrats. Elle le fait principalement par rapport Ă l'Europe. Pour rĂ©pondre Ă cette question, il est soutenu qu'Ă la fois institutionnellement et substantiellement, le droit des contrats est effectivement en train de connaĂźtre un changement fondamental, qui a commencĂ© seulement il y a quelques dizaines d'annĂ©es. Le droit des contrats est devenu dans ses aspects dynamiques largement europĂ©en, de moins en moins national, et il deviendra mĂȘme, dans les prochaines dĂ©cennies, essentiellement europĂ©en en substance, mĂ©thode et style. Il est devenu un droit dans lequel l'autonomie de la volontĂ© et les instruments d'ordre et de protection sont devenus d'Ă©gale importance et ce processus se poursuivra. Les clauses contractuelles standard, la protection des consommateurs, la non-discrimination sont trois Ă©lĂ©ments clefs ; la crise financiĂšre dĂ©clenchera de nouvelles rĂ©flexions. Le but est de dĂ©couvrir un Ă©quilibre dans lequel la libertĂ© matĂ©rielle de toutes les parties concernĂ©es soit mieux sauvegardĂ©e. L'article soutient alors qu'une tendance Ă la codification va de pair avec une tendance Ă ne plus considĂ©rer un code comme un ordre universel, qu'une tendance Ă la gĂ©nĂ©ralisation va de pair avec une tendance Ă davantage distinguer, y compris dans la partie gĂ©nĂ©rale du droit des contrats : entre les diffĂ©rents types de partenaires contractuels, les diffĂ©rents types de groupes de contrats (contrats ponctuels et contrats de longue durĂ©e), et les diffĂ©rents paradigmes pour la formation des contrats. Cet article conclut avec l'examen de certains domaines cruciaux oĂč des progrĂšs majeurs dans la modernisation ont Ă©tĂ© rĂ©cemment effectuĂ©s et il prĂ©dit que le droit des contrats sera davantage international et interdisciplinaire, davantage intĂ©ressĂ© par le processus d'Ă©tablissement des rĂšgles, et davantage orientĂ© vers le marchĂ© et les entreprises. En bref, il prĂ©dit qu'une discussion similaire Ă celle que l'on trouve dans les dĂ©bats sur la gouvernance d'entreprise se dĂ©veloppera pour la gouvernance des contrats Ă une Ă©chelle europĂ©enne.Ausgangspunkt fĂŒr diesen Beitrag sind die grundstĂŒrzenden UmwĂ€lzungen, die Gesellschaft und Recht vor 200 Jahren mit der âEntdeckung des Konsensesâ als gesellschaftsordnendes Grundprinzip erfuhren. Die Grundfrage ist dann, ob wir zum Jahrtausendwechsel an einer Ă€hnlich signifikanten Schwelle stehen, vor allem in Europa. Die Antwort ist zweigeteilt, sowohl institutionell als auch inhaltlich erscheint der sich derzeit vollziehende Wechsel in der Tat ebenfalls grundstĂŒrzend. Vertragsrecht ist in seiner Grunddynamik inzwischen bereits groĂteils EuropĂ€isch beeinflusst, immer weniger national, es wird jedoch in den nĂ€chsten Jahrzehnten in Substanz, Methode und Stil wirklich EuropĂ€isch dominiert sein. AuĂerdem werden im Vertragsrecht zunehmend die Elemente der Freiheit und diejenigen der Ordnung breit in ein Gleichgewicht gebracht und dieser Prozess wird sich fortsetzen. Allgemeine GeschĂ€ftsbedingungen, Verbrauchervertragsrecht und Antidiskriminierungsrecht bilden nur drei Kernbausteine, die Finanzkrise stöĂt auch im Vertragsrecht weitere ĂŒberlegungen an. Ziel ist es, ein Gleichgewicht zu finden, in dem die materielle Freiheit aller Vertragsbeteiligter (ggf. auch betroffener Dritter) möglichst gut gefördert wird. Der Beitrag wendet sich dann dem verstĂ€rkten Trend zu (Re-)Kodifikation zu und sieht diesen in einem Spannungsfeld insofern, als zugleich Kodifikationen weniger als âuniverselle Ordnungâ gesehen werden als frĂŒher, und dass ein Trend hin zur Verallgemeinerung ebenfalls parallel lĂ€uft mit einer zunehmenden Differenzierung nach Gruppen selbst im Allgemeinen Teil: verschiedenen Gruppen von Beteiligten, verschiedenen Gruppen von VertrĂ€gen (etwa Einmal- und LangfristvertrĂ€gen), verschiedenen Arten der VertragsbegrĂŒndung. AbschlieĂend werden einige Kernbereiche der Modernisierung in den Blick genommen. Die Vorhersage geht dahin, dass die Vertragsrechte (und vor allem die Vertragsrechtswissenschaften) internationaler, stĂ€rker interdisziplinĂ€r und stĂ€rker regelsetzungsorientiert werden, stĂ€rker eingebunden in eine allgemeine Diskussion von MĂ€rkten und spezifisch wirtschaftsrechtlich geprĂ€gt. Kurz, eine Ă€hnliche Entwicklung wird vorhergesagt wie diejenige im Bereiche des Gesellschaftsrechts mit der Corporate Governance Diskussion.Peer Reviewe
A View on Digital Environments and Post-Transaction Assent
This publication is with permission of the rights owner freely accessible due to an Alliance licence and a national licence (funded by the DFG, German Research Foundation) respectively.This paper gives a birdsâ eye view on the ALI Restatement on Consumer Contracts (proposal) and European, and partly also Member State, law of standard contract terms with respect to the environment where these standard contracts and assent to them appears to be particularly fleeting, namely in digital contexts. It does so, however, with a broader scope: It tries to explain why assent rules are not meaningless even in a world where most consumers and customers do not read standard contract terms, and it tries to explain how lessons could be deduced also for a meaningful and more differentiated fairness control. It argues that favouring intervention of control (ie information) intermediaries â such as consumer associations â is key and that the preservation of possibilities for negotiation should be maintained and valued. In these respects, the paper is inspired in good part by company law and capital market law dealing with parallel problems.Cet article prĂ©sente une vue panoramique du projet de Restatement de lâALI sur les contrats Ă la consommation ainsi que sur le droit de lâUnion et celui des Etats membres sur les clauses standardisĂ©es dans des contextes oĂč le contenu de ces clauses et le consentement qui leur est donnĂ© paraissent particuliĂšrement insaisissables, Ă savoir dans le monde numĂ©rique. Mais il a aussi un object plus large. Il vise Ă expliquer pourquoi le rĂ©gime du consentement conserve un sens mĂȘme dans un monde oĂč consommateurs et clients ne lisent pas, pour la plupart, les clauses contractuelles, et tente dâexpliquer comment en tirer des enseignements en vue dâun contrĂŽle significatif et plus diffĂ©renciĂ© de lâĂ©quitĂ© contractuelle. Lâargument avancĂ© est quâen favorisant lâintervention dâun contrĂŽle (câest-Ă -dire, de lâinformation), les intermĂ©diaires â telles les associations de consommateurs â sont des acteurs clĂ©, et que des possibilitĂ©s mĂȘme rĂ©siduelles de nĂ©gociation devraient ĂȘtre sauvegardĂ©es. A tous ces Ă©gards, cet article sâinspire en grande partie de la pratique des marchĂ©s des capitaux confrontĂ©s Ă des problĂšmes similaires.Peer Reviewe
The Structure of the DCFR â Which Approach for Today's Contract Law?
This publication is with permission of the rights owner freely accessible due to an Alliance licence and a national licence (funded by the DFG, German Research Foundation) respectively.This paper discusses the DCFR as a potential model for a European Code because core members of the study group see it as this. The paper discusses, first, the overall structure and does so in two respects: It asks the question whether one should really aim at a big Code â including all obligations and large parts of property law â and argues that one should rather concentrate on a modern and convincing Contract Law Code, given that contract law is very complex today and there are not really many common problems with other obligations anyhow; the content and structure of contract law has reduced quality in the DCFR as a result of its combination with other obligations. Moreover, this paper asks the question whether all types of contract partners should be included and argues that the DCFR is right in doing so, but that it does not really reflect modern theory on where markets fail and therefore does not convincingly find the reasons where and why to differentiate in the substantive law solutions. In the two other sections two core phenomena of modern contract law are discussed: information and formation of contracts and service contracts and networks in today's service society. These are discussed with a view to see how intensively their peculiarities have indeed influenced the structure of the DCFR. Little such influence can be detected. These examples also show how well founded is the criticism that much too often general clauses are chosen instead of finding concrete solutions.Peer Reviewe
Germany and the Schuldrechtsmodernisierung 2002
This publication is with permission of the rights owner freely accessible due to an Alliance licence and a national licence (funded by the DFG, German Research Foundation) respectively.The Schuldrechtsmodernisierung of 26 November 2001 is probably the largest reform of German codified contract law undertaken for a century. The three substantive law parts of this reform are discussed in this contribution: the new regime on breach of contract, the new regime on limitation, and the new law on sales and works contracts. Reference is made also to a fourth major element, the integration of consumer law into the civil code. It is argued that German law now follows a uniform concept of breach and distinguishes quite convincingly with respect to three major remedies. It is argued, that the reform was quite successful.Peer Reviewe
EC Financial Services and Contract Law â Developments 2005â2007
This publication is with permission of the rights owner freely accessible due to an Alliance licence and a national licence (funded by the DFG, German Research Foundation) respectively.The contribution is a follow-up of the overview published in ERCL 2005, 482. While the law with respect to prudential supervision changed little, contract law developed considerably. This is so despite the fact that no important new legislation has been adopted: In the area of commercial banking, the new Consumer Credit Directive is still under discussion. There is, however, an ambitious project to regulate all payment instruments in one sole legal measure, namely: credit transfers, credit and debit cards and direct debit. In the area of investment banking, the Market in Financial Instruments Directive of 2004 (MiFID) had to be transposed in the Member States until 1st November 2007. This is important because the so-called Lamfalussy regulatory architecture which was used for this directive is about integrating more coherently EC legislation, national transposition and effective implementation. Therefore, while giving a general overview as well, the article concentrates on these two developments: the proposal for a payments directive and the transposition of the MiFID.Peer Reviewe
EC Financial Services and Contract Law â Developments 2007â2010
This publication is with permission of the rights owner freely accessible due to an Alliance licence and a national licence (funded by the DFG, German Research Foundation) respectively.The contribution is a follow-up on the overview published in ERCL 2008, 45 and covers the latest developments from 2007 through the first half of 2010. The law with respect to prudential supervision has changed little; there are, however, changes underway as a reaction to the financial crisis (see section I). More importantly, however, contract law developed considerably. Important new legislation has been adopted in the area of commercial banking, while the Market in Financial Instruments Directive of 2004 (MiFID) and its transposition were at the centre of the last report. New legislation has now been adopted in the other two important sectors of banking business and thus the series of second generation of banking law directives is complete. In the area of bank loans, harmonisation has changed considerably with the new EU Consumer Credit Directive of 2008. In the area of the payment business, changes have been even more drastic, as virtually all payment instruments have now been harmonised with the new EU Payments Systems Directive of late 2007, and this not only for the consumer area. This directive now covers: credit transfers, credit and debit cards, and direct debits. The importance of the new material makes it necessary to concentrate on these two measures mainly (sections II and III) and to add only two short sections on important developments under the MiFID (section IV) and on some general considerations concerning the overall picture now reached in European Banking Contract Law (section V).Peer Reviewe
German Contract Law Five Years After the Fundamental Contract Law Reform in the Schuldrechtsmodernisierung
This publication is with permission of the rights owner freely accessible due to an Alliance licence and a national licence (funded by the DFG, German Research Foundation) respectively.After five years, core questions regarding the large contract law reform in Germany of 2002, the Schuldrechtsmodernisierung, have been answered in the case law, mostly by the German Supreme Court. The article discusses clarifications with respect to: the extent to which consumer law protection applies; the concept of non-conformity with the contract and the remedies based on such non-conformity under the EC Sales Directive (and its German transposition); the different kinds of damages which can be distinguished and questions of their computation; and finally the role which the new legal model plays when standard contract terms in pure business transactions are controlled. The German case law is astonishingly dense in all these respects already.Peer Reviewe
Digital Technology as a Challenge to European Contract Law
Offering an overview of the interactions between digital technologies and contract law, we identify three pillars in this architecture: the regulatory framework; digital interventions over the life cycle of the contract; and digital objects of contracting. The regulatory framework, which itself may draw on digital technology to effectively pursue its ends, shapes, and is shaped by, the other two pillars. More specifically, on the one hand, we show how four key technologies â digital platforms, Big Data analytics, artificial intelligence, and blockchain â are being used at different stages of the contractual process (from the screening for contractual partners to formation, enforcement and interpretation) and engender novel market dynamics that, in many instances, necessitate regulatory responses. On the other hand, digitally facilitated contracting increasingly relates to digital content as the object of the contract; however, while this area has notably been the subject of the proposed Directive on Contracts for the Supply of Digital Content and thus has received some first âEuropean structureâ, we argue that a number of important blind spots remain that fail to be addressed by the directive. All in all, the use of digital technology in contracting will likely reinforce an adaptive, relational view and practice of contracting. This increased fluidity engenders a vast potential for preference-conforming, time-sensitive contracts; however, to the extent that it also mirrors novel asymmetries of information and power, the ordering mechanisms of the law may simultaneously be more needed than ever.Peer Reviewe
Foreign Currency Loans and the Foundations of European Contract Law â A Case for Financial and Contractual Crisis?
Loans with variable interest rates indexed to foreign currencies carry a double risk for borrowers: a rise of interest rates and an adverse development in the exchange rate. While they therefore could have been forbidden for consumer credit, they are allowed both at EU and (most) national levels. Consumer credit arrangements indexed to foreign currencies that were legal in principle have raised enormous problems when they occurred in large numbers in Eastern and Central European countries and reference was not directly written into the terms (like in Romania), but could change with additional discretionary decisions (such as in Poland and Croatia). While Croatia has introduced special legislation to cure the overall problem, Polish cases are potentially not only causing a systemic risk for the2 whole banking system, but abundantly are the subject of CJEU case law. This triggers the core interest in contract law, namely an unheard-of relevance in EU law of general and more specific questions of the law of restitution â on the basis of unjust enrichment and/or of damages. This article presents the following five main theses. Firstly, while the Unfair Contract Terms Directive (UCTD) contains too vague a scheme of remedies/sanctions for detailed answers, the overarching benchmark is clear, namely a fair balance of interests and the meeting of justified expectations, which the parties, especially on the consumer side, could have had at the moment when the loan was issued. Secondly, general (EU) principles of unjust enrichment, as well as of damages, are recognised by the CJEU in EU law. They order the restitution of what was gained above the status quo ante, but could not have been acquired on markets even by informed and proper contracting at that time and/or the restitution of losses incurred as compared to the status quo ante. Thirdly, Articles 23 and 24 of the Mortgage Credit Directive (MCD) constitute a suitable model around which a set of claims in unjust enrichment can be shaped and can be applied also to old cases. Fourthly, any windfall profit of borrowers (gain beyond what could have been achieved at the moment of formation of the contract) has to be avoided in the name of fairness and justified expectations â which are recognised in CJEU case law as the two main benchmarks of the regime of sanctions of the UCTD. Finally, a fair restitution regime is reached if the borrower, who had not been properly informed (with the nullified clause), can now make an informed choice between the different offers that were offered on markets when the loan was issued. Thus, he/she could now opt for a loan in either the national currency plus applicable interbank interest rate (in the Polish case Zloty tied to WIBOR) or their foreign currency counterparts (i.e. a loan in CHF tied to LIBOR). Expropriation (of banks) of the loan capital, as well as the possibility to use that capital to generate interest have to be avoided, for penalisation is neither an aim of European contract law nor of the UCTD.Les prĂȘts Ă taux variable indexĂ©s sur des devises Ă©trangĂšres comportent un double risque pour les emprunteurs : une hausse des taux dâintĂ©rĂȘt et une Ă©volution dĂ©favorable du taux de change. Alors quâils auraient pu ĂȘtre interdits pour le crĂ©dit Ă la consommation, ils sont autorisĂ©s tant au niveau de lâUE quâau niveau national (la plupart du temps). Les contrats de crĂ©dit Ă la consommation indexĂ©s sur des devises Ă©trangĂšres qui Ă©taient par principe lĂ©gaux ont soulevĂ© dâĂ©normes problĂšmes lorsquâils se sont multipliĂ©s dans les pays dâEurope centrale et orientale et que la rĂ©fĂ©rence nâĂ©tait pas directement inscrite dans les conditions (comme en Roumanie),3 mais pouvait changer avec des dĂ©cisions discrĂ©tionnaires supplĂ©mentaires (comme en Pologne et en Croatie). Alors que la Croatie a introduit une lĂ©gislation spĂ©ciale pour remĂ©dier au problĂšme gĂ©nĂ©ral, les cas polonais sont potentiellement non seulement Ă lâorigine dâun risque systĂ©mique pour lâensemble du systĂšme bancaire, mais font abondamment lâobjet de la jurisprudence de la CJUE. Cela implique la pertinence en droit europĂ©en du droit des contrats Ă travers les questions gĂ©nĂ©rales et plus spĂ©cifiques du droit de la restitution â sur la base de lâenrichissement sans cause et/ou des dommages et intĂ©rĂȘts. Cet article prĂ©sente les cinq thĂšses principales suivantes. PremiĂšrement, bien que la directive sur les clauses contractuelles abusives (UCDT) contienne un schĂ©ma trop vague de remĂšdes/sanctions pour permettre des rĂ©ponses dĂ©taillĂ©es, le critĂšre principal est clair, Ă savoir un juste Ă©quilibre des intĂ©rĂȘts et la satisfaction des attentes justifiĂ©es que les parties, en particulier du cĂŽtĂ© des consommateurs, auraient pu avoir au moment oĂč le prĂȘt a Ă©tĂ© accordĂ©. DeuxiĂšmement, les principes gĂ©nĂ©raux (europĂ©ens) de lâenrichissement sans cause, ainsi que des dommages et intĂ©rĂȘts, sont reconnus par la CJUE dans le droit europĂ©en. Ils ordonnent la restitution de ce qui a Ă©tĂ© acquis au-dessus du statu quo ante, mais qui nâaurait pas pu ĂȘtre acquis sur les marchĂ©s mĂȘme en contractant en connaissance de cause Ă ce moment-lĂ et/ou la restitution des pertes subies par rapport au statu quo ante. TroisiĂšmement, les articles 23 et 24 de la directive sur le crĂ©dit hypothĂ©caire (MCD) constituent un modĂšle appropriĂ© autour duquel un ensemble dâactions en enrichissement sans cause peut ĂȘtre façonnĂ© et peut ĂȘtre appliquĂ© Ă©galement Ă des affaires anciennes. QuatriĂšmement, tout profit exceptionnel des emprunteurs (gain dĂ©passant ce qui aurait pu ĂȘtre obtenu au moment de la formation du contrat) doit ĂȘtre Ă©vitĂ© au nom de lâĂ©quitĂ© et des attentes justifiĂ©es â qui sont reconnues dans la jurisprudence de la CJUE comme les deux principaux critĂšres du rĂ©gime de sanctions de la UCTD. Enfin, un rĂ©gime de restitution Ă©quitable est atteint si lâemprunteur, qui nâavait pas Ă©tĂ© correctement informĂ© (avec la clause annulĂ©e), peut maintenant faire un choix Ă©clairĂ© entre les diffĂ©rentes offres qui Ă©taient proposĂ©es sur les marchĂ©s au moment de lâĂ©mission du prĂȘt. Ainsi, il peut maintenant opter pour un prĂȘt soit dans la monnaie nationale plus le taux dâintĂ©rĂȘt interbancaire applicable (dans le cas de la Pologne, le zloty est liĂ© au WIBOR), soit dans la monnaie Ă©trangĂšre correspondante (câest-Ă -dire un prĂȘt en CHF liĂ© au LIBOR). Lâexpropriation (des banques) du capital empruntĂ©, ainsi que la possibilitĂ© dâutiliser ce capital pour gĂ©nĂ©rer des intĂ©rĂȘts doivent ĂȘtre Ă©vitĂ©es, car la pĂ©nalisation nâest pas un objectif du droit europĂ©en des contrats ni de la UCDT.FremdwĂ€hrungskreditvertrĂ€ge mit Vario-Zins bergen zwei Hauptrisiken fĂŒr Darlehensnehmer: negative Zinsentwicklung (idR Anstieg) und ungĂŒnstige Entwicklung des Wechselkurses der ReferenzwĂ€hrung. Es wĂ€re daher denkbar, sie gegenĂŒber Verbrauchern zu verbieten, was freilich weder auf EU- noch auf nationaler Ebene geschah (jedenfalls in Polen). Die Arrangements, die demnach4 grundsĂ€tzlich legitim und wirksam waren, warfen erhebliche Probleme auf, wenn sie massenhaft gewĂ€hlt wurden (in Zentral-und Osteuropa) und nicht schlicht auf die ReferenzwĂ€hrung (mit Referenzzinssatz) verwiesen wurde (so idR in RumĂ€nien), sondern Umrechnungsmechanismen in AGBs ausgestaltet wurden (wie in Polen und Kroatien). WĂ€hrend Kroatien das Problem durch Spezialgesetz weitgehend löste, könnten die polnischen FĂ€lle nicht nur das Potential haben, eine Bankenkrise auszulösen, sondern sind auch im groĂen Umfang Gegenstand des Fallrechts des EuGHs. Dies ist auch der Grund dafĂŒr, dass sie auch im Kernbereich des EuropĂ€ischen Vertragsrechts absolut zentral sind, namentlich, dass sie mehr als je zuvor eine breite Diskussion und BeschĂ€ftigung mit dem RĂŒckabwicklungsregime auslösen â namentlich mit den Instrumenten der ungerechtfertigten Bereicherung, aber auch des Schadensersatzrechts. Dieser Beitrag formuliert hierzu fĂŒnf Thesen. Erstens, wĂ€hrend die AGB-Richtlinie nur ein zu allgemeines Sanktions-Regime formuliert, um darauf konkrete und detaillierte Antworten in Einzelfragen zu stĂŒtzen, ist doch die Generalzielsetzung klar, namentlich, dass ein fairer Interessenausgleich zu suchen ist und die gerechtfertigten Markterwartungen, wie sie bei Vertragsschluss denkbar erschienen, abgebildet werden sollen, fĂŒr beide Seiten (auch den Verbraucher). Zweitens, allgemeine GrundsĂ€tze des Unionsrechts zur ungerechtfertigten Bereicherung, aber auch zum Schadensersatzrecht werden im Fallrecht des EuGHs als solche anerkannt. Sie gehen dahin, dass Gewinne ĂŒber den status quo ante, die damals auch bei angemessener Information und ordnungsgemĂ€Ăem Vertragsschluss gar nicht hĂ€tten erzielt werden können, als Bereicherung auszukehren sind, aber auch, dass SchadensersatzansprĂŒche einen Schaden gegenĂŒber dem Zustand voraussetzen, der damals ĂŒberhaupt erzielbar war. Drittens bildet Artikel 23 der Wohnimmobilien-Richtlinie ein sinnvolles â ungleich besser ausdifferenziertes â Modell der RĂŒckabwicklung, das grundsĂ€tzlich auch fĂŒr AltfĂ€lle (vor 2014) zugrunde zu legen ist. Viertens sind Gewinne des Kreditnehmers ĂŒber den Zustand hinaus zu vermeiden, den er bestmöglich bei Vertragsschluss hĂ€tte realisieren können, dies aufgrund der GrundsĂ€tze von Treu und Glauben (Ê»fairnessÊŒ) und gerechtfertigter Markt-und Parteienerwartungen â der beiden Hauptzielrichtungen einer Auslegung der AGB-Richtlinie (auch) in der EuGH-Rechtsprechung. FĂŒnftens ist ein faires Restitutionsregime jedenfalls dann realisiert, wenn der Kreditnehmer heute (mit voller Information) die Wahl zwischen Alternativen nachholen kann, die damals auf dem Markt zur VerfĂŒgung standen â mehr gebietet der Verbraucherschutz nicht. Dies bedeutet etwa eine Wahlmöglichkeit zwischen VertragswĂ€hrung in nationaler WĂ€hrung mit nationalem Interbank-Zinsindex (zB in Polen Zloty verbunden mit dem Zinsindex WIBOR) oder VertragswĂ€hrung in auslĂ€ndischer WĂ€hrung mit entsprechendem Zinsindex (zB CHF verbunden mit dem Zinsindex LIBOR). Im Ergebnis ist eine Enteignung der Kreditgeber nicht zu rechtfertigen und zu vermeiden und zwar hinsichtlich der Darlehensvaluta selbst (RĂŒckzahlung), aber auch der Dispositionsfreiheit, sie nur gegen angemessene Verzinsung zur VerfĂŒgung5 zu stellen. Pönalisierung der Kreditgeber bildet kein Ziel des EuropĂ€ischen Vertragsrechts und auch nicht der AGB-Richtlinie.Peer Reviewe
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