The aim of all debt restructuring programmes covered by the term menu approaches was the return of deeply indebted developing countries to the financial markets by means of a debt reduction policy substantially in conformity with market principles. At the same time, the provision of the new credits needed in order to finance the structural adjustment was to be ensured by a differentiation in the classes of creditors, as can be seen in the trend towards securitization of claims. However, the Mexico Agreement concluded at the beginning of February 1990 revealed the lack of interest of most commercial banks in supplying new credits. This was only to be expected, in view of the heavy losses of the commercial banks on credits to ailing Third World countries. Evidently, the creditor banks will only be willing to become involved in fresh money commitments if they are granted preferential payment from the foreign exchange earnings secured by the transactions or if they are offered a privileged position in the innovative arrangement of corporate finance products. This is the case, for example, in regard to participation in debt-equity programmes, debt-for-bond swaps or financing on the capital market.

The Federal Republic of Germany has enacted a new civil liability law. The Environmental Liability Act of 1990 provides a civil damages remedy for wrongful death, personal injury, or property damage caused by an environmental impact Under the ELA, operators of certain named facilities are strictly liable for emissions causing such injuries. Thus, the ELA supplements the several remedies already available against polluters under prior legislation. New in the ELA is a single statutory scheme of strict liability for damage stemming from impact on all three elements — water, soil, and air.

Immovables, being part of the State territory and serving as the basis of many activities, possess great economic, political and strategic importance in every country. Consequently, governments are often unfavourable towards the possibility of aliens appearing as owners of immovable property situated on their territory. In Yugoslavia as well, until quite recently, the rights of aliens in this domain were extremely limited, which was reflected in the inclusion of this country in the group of countries cited in comparative studies as being rare representatives of the system of complete prohibition on the acquisition of immovables by aliens. The mounting criticism of the over-protective rules led to an unexpectedly broad liberalization in this field.