Munich, 12.09.2012

“The currency is not above the law” - Foundation for Family Business welcomes judgment of the Federal Constitutional Court

“The currency is not above the law. That is the clear message from Karlsruhe. The Constitutional Court judges have formulated clear guidelines for the Euro rescue, the permanent rescue fund must not become a bottomless pit for Germany,” commented Prof. Dr. Dr. h. c. Brun-Hagen Hennerkes, Chairman of the Executive Board of the Foundation for Family Business, on the judgment of the Federal Constitutional Court, which has just been announced. “The judgment forces the Federal Government to make significant improvements in two areas that have been requested emphatically by the Foundation for Family Business, namely limitation of liability and no immunity for the ESM responsibles.”

“The risk remains, however, that only 130 km away from Karlsruhe, the European Central Bank in Frankfurt opens the back door to a hell arsenal the Federal Constitutional Court wants to keep sealed: unlimited liability for unlimited bond purchases and all of this without any democratic control. The stance of the ECB is tantamount to an invitation to the financial markets to impose their own risks on the German taxpayer. The family businesses expect the Federal Government to fight for the enforcement of the unity of risk, liability, and control throughout the Euro rescue. The ECB must not become a cheap public financier.”, warns Hennerkes.

The charitable Foundation for Family Business has three main objectives: The promotion of the exchange of family entrepreneurs, the support of research activities and research institutions that deal with this particular type of company, and the improvement of the perception of family businesses within politics and amongst the general public. In addition, the foundation serves as the main contact for political decision makers to take into account the specific needs of this type of company in legal, fiscal and economic issues.

» Press release for download (german, PDF 191 KB)

For more information:

Hartmut Kistenfeger
Head of Press and Public Relation

Foundation for Family Business
Prinzregentenstraße 50
D-80538 Munich, Germany

Tel.: +49 (0) 89 / 12 76 400 06
Fax: +49 (0) 89 / 12 76 400 09


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