Business and Personal LawChapter 11: Credit and DebtGlobal LawGermany The Federal Republic of Germany is located in the western part of Central Europe. It is bordered on the north by the North Sea, Denmark, and the Baltic Sea. On the east are Poland and the Czech Republic and on the south is Austria and Switzerland. To the west, it is bordered by France, Luxembourg, Belgium and the Netherlands. Germany is considered a parliamentary federal republic made up of 16 states. Germany has a president who is elected by the Federal Convention for a five-year term and can be re-elected for a second term. The Federal Convention consists of all members of the Federal Assembly and an equal number of delegates elected by the state parliaments. The Parliament consists of the Federal Assembly, which is elected by popular vote and the Federal Council. A chancellor serves as the head of government. Germany has a civil law system based on Roman law and some Germanic law. Germany was a founding member of the European Union and is considered a great power. It has the world’s third largest economy and is the world’s largest exporter of goods, including machinery, automobiles, and consumer electronics. |  |
