Auswirkungen der Schuldenbremse im Privatrecht

The German "debt brake" was introduced to limit government debt. This book examines whether violations of the debt brake have an impact on state loans or bonds. The author comes to the conclusion that the debt brake constitutes a prohibition law within the meaning of Sec. 134 of the German Civil Code (BGB) and illustrates the consequences for public financing: the affected loans may be null and void and the parties must make restitution under unjust enrichment law. Based on these findings, the author argues that (potential) creditors have an interest to monitor government borrowing. "Private enforcement" of the debt brake is therefore possible.