Choices, Limits and Consequences of Harmonisation of Commercial Law

The harmonisation of private commercial law is constantly progressing and becoming more complex. New formal or informal means of harmonisation are on a continuing basis added to the already multiple and pluralistic panorama of harmonisation instruments. New actors in the harmonisation process are added as well, be it at global, regional or national level. In particular regional harmonisation sets its footprint both internally in the region concerned and externally regarding the legislative competence towards third countries. New (or reintroduced) methods and phenomena for the harmonisation of commercial law have been suggested such as a multilateral convention establishing a union for jus commune in matters of international trade or the development of a ‘new law merchant’ (lex mercatoria) as a separate autonomous legal system. Taken together, the harmonisation process with its various and different means of harmonisation constitutes a circular process in terms of a circle of law harmonisation, in which circle there is an interaction between, and reciprocal influence of, all the various formal or informal means of harmonisation.