This Article will discuss to what extent fears that debt in a country’s national currency will no longer be enforceable under U.S. law after the introduction of the Euro are justified. The article assumes that the European Council, as provided for in the Treaty Establishing the European Community (”EC Treaty”) and the European Commission’s European Council Regulation, will establish a fixed rate of conversion for the old national currencies of all participating Member States in relation to the Euro. The subject of our inquiry, thus, is whether, following the introduction of the single currency, U.S. courts will acknowledge the abolition of the old national currencies and apply the above-mentioned Council Regulations and relevant legislation of participating Member States, in suits for payment on obligations denominated in these abolished currencies.

Article Rechtswahl- und Gerichtsstandsvereinbarungen sowie Bedeutung des AGB-Gesetzes bei DM-Auslandsanleihen auf dem deutschen Markt was published on March 1, 1996 in the journal Zeitschrift für Bankrecht und Bankwirtschaft (volume 8, issue 1).

Article Investitionen in den neuen Bundesländern nach dem Investitionsförderungsgesetz was published on January 1, 1991 in the journal Deutsche Zeitschrift für Wirtschafts- und Insolvenzrecht (volume 1, issue 6).

This Article intends to analyze the major issues which come up in almost every transaction involving investments in the Former GDR. Part I briefly describes the law applicable to transactions in the Former GDR. Part II outlines the legal structure of enterprises in the territory of the Former GDR, the ownership of these enterprises, and questions relating to their balance sheets. Part III addresses the important question of restitution or compensation claims which may be asserted against such enterprises or the investor. Part IV considers problems with which an investor in the Former GDR typically is confronted, mainly issues of environmental liability and the need to reduce the work force. Part V describes the protection of industrial property rights in the Former GDR. This Article concludes that a potential investor must be aware that although the Former GDR is now a part of the Federal Republic of Germany, he will be faced with novel and difficult legal issues. Only a thorough understanding of these issues will prevent costly mistakes and disappointments.

Sponsored by the Banking Law Committee (E) of the International Bar Association's Section of Business Law, this fourth edition is the result of extensive discussions at many IBA conferences of lawyers worldwide who provide commentary on a multitude of issues which may arise in the process of rendering legal opinions in international transactions. In most important international business transactions opinions of counsel are required as a condition precedent to the "closing" of the transaction. This book analyses and comments on the clauses of a typical legal opinion requested in an international transation. The book explains meaning given to such opinion clauses by US counsel, discusses under the law and practice of 25 countries whether such opinion can be given and whether or not modifications are advisable and addresses the investigation necessary to enable a lawyer to render a correct opinion. The book also contains a chapter discussing the opinion a non-US lawyer should request from a US lawyer. The fourth edition adds a discussion of the special issues involved in opinions rendered by in-house counsel. The principal purpose of the book is to improve the communications between the lawyer - frequently a US attorney - requesting the opinion and the lawyer rendering the opinion. Both must have a common understanding of the meaning of the terminology used in, and the scope of, the opinion. Another important purpose of the book is to analyse the interdependence of the opinions of counsel from several countries rendered in connection with one transaction. This frequently requires a conflict of laws analysis. Where the laws of several countries apply to a transaction, the various opinions must be put together like pieces of a puzzle before the recipient of the opinion can be certain that all relevant legal issues, under all relevant legal systems, have been fully addressed.

This article discusses the revised Article 7(4) of the European Communities’ Proposal for a Second Council Directive on the Coordination of Laws, Regulations and Administrative Provisions Relating to the Taking-up and Pursuit of the Business of Credit Institutions. The article argues that the revision of the proposal for the Second Directive by the Commission of the European Communities will mainly have two effects. First, the Commission’s review procedure will no longer be on a case-by-case basis, but on a country-by-country basis; the Commission will no longer interfere with an individual authorization procedure before the competent authorities of a Member State. Second, the suspension of future authorizations depends on a finding by the Commission that a specific country does not grant national treatment to EEC institutions; lack of reciprocity is no longer a basis for a denial of an application. This new approach will allow the Commission to defend against discriminations against EEC institutions abroad, while respecting different banking policies in third countries. THE SECOND BANKING DIRECTIVE OF THE EUROPEAN ECONOMIC COMMUNITY AND ITS IMPORTANCE FOR NON-EEC BANKSt Michael Gruson Werner Nikowitz**

This article discusses the revised Article 7(4) of the European Communities’ Proposal for a Council Directive on the Coordination of Laws, Regulations and Administrative Provisions Relating to the Taking-up and Pursuit of the Business of Credit Institutions. The article argues that the revision of the proposal for the Directive by the Commission of the European Communities will mainly have two effects. First, the Commission’s review procedure will no longer be on a case-by-case basis, but on a country-by-country basis; the Commission will no longer interfere with an individual authorization procedure before the competent authorities of a Member State. Second, the suspension of future authorizations depends on a finding by the Commission that a specific country does not grant national treatment to EEC institutions; lack of reciprocity is no longer a basis for a denial of an application. This new approach will allow the Commission to defend against discriminations against EEC institutions abroad, while respecting different banking policies in third countries. THE RECIPROCITY REQUIREMENT OF THE SECOND BANKING DIRECTIVE OF THE EUROPEAN ECONOMIC COMMUNITY REVISITED Michael Gruson * Werner Nikowitz** In the last issue of the Fordham International Law Journal, the authors discussed' the European Communities' Proposal for a Council Directive on the Coordination of Laws, Regulations and Administrative Provisions Relating to the Taking-up and Pursuit of the Business of Credit Institutions and Amending Directive 77/780/EEC (the Second Directive).2 The authors especially analyzed the question of how the Directive will affect non-EEC banks.' Article 7 of the Directive, as originally submitted on February 23, 1988, by the Commission of the European Communities (the Commission) to the Council of Ministers of the European Communities (the Council), introduced a requirement of reciprocity4 for the establishment or the acquisition of a credit institution subsidiary5 by a non-EEC person.' This recipocity would have been an EEC-wide reciprocity, i.e., credit institutions from all Member States of the EEC were expected to enjoy reciprocal treatment in the country of the applying non-EEC bank or person.7 Reciprocity was to be en* Partner, Shearman & Sterling, New York, New York. LL.B., 1962, University of Mainz, Germany; M.C.L., 1963, LL.B., 1965, Columbia University School of Law; Dr. jur., 1966, Freie UniversitSit, Berlin. Member, New York Bar. ** Associate, Shearman & Sterling, New York, New York. Dr. jur., 1984, University of Vienna, Austria; Mag. rer. soc. oec., 1984, University of Economics in Vienna, Austria; LL.M., 1987, London School of Economics and Political Science, University of London, England. I. Gruson & Nikowitz, The Banking'Direc/ive ofthe European Economic Commnnitv and Its Importance for .Von-EEC Banks, 12 FORD-AM INT'L L.J. 205 (1989). 2. COM(87) 715 final, O.J. C 84/1 (1988) [hereinafter Directive]. 3. See Gruson & Nikowitz, supra note 1, at 228-41. 4. See Gruson & Nikowitz, supra note 1, at 228-29. 5. See id. at 220-22. 6. Directive, supra note 2, art. 7. at 4; see Gruson & Nikowitz, supra note 1, at 228. 7. See Directive, supra note 2; art. 7(5), at 4; see Gruson & Nikowitz, supra