An Economic Analysis of Harmonization Regimes: Full Harmonization, Minimum Harmonization or Optional Instrument?
European Review of Contract Law2011Vol. 7(2)
Citations Over TimeTop 10% of 2011 papers
Abstract
At the current stage in the process of building a European Contract Law, the harmonization dimension – the scope and reach of the harmonizing effect of the European rules – appears as a crucial issue. We show how the harmonization strategy is as important a question as whether we should have European Contract Law at all. We present in informal terms a simple economic model of how to build optimal harmonized rules and standards in a setting of pre-existing separate and diverse national ones, and we systematically explore how the different harmonization regimes (maximum harmonization, minimum harmonization, and pure co-existence of harmonized and national standards) affect the outcomes of the harmonization process.
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