The EU currently faces several economic challenges. The rapid growth in competing economies such as the USA, China, India and Brazil, the recent financial and economic crisis, and macro-economic imbalances in the eurozone are all problems currently influencing the economic landscape. The Stockholm Programme states that European legislation should support economic growth in the common market. The Commission's Communication "Europe 2020" recognizes the need to simplify and minimize the costs for businesses and consumers that conclude contracts with partners in other EU countries by offering harmonized solutions for consumer contracts and by making progress towards an optional European Contract Law. The Commission has identified four possible problems in the current situation, which are verified and analyzed in this study:1) Additional transaction costs of business in multiple Member States; 2) Failure to exploit the growth and competitiveness potential in the internal market; 3) Restricted consumer choice and higher consumer prices; 4) Lack of access to goods and digital products from other Member States. The Bocconi team provided the legal support and drafted the legal parts of the Report especially the analysis of the Policy options.
Study for an impact assessment for the possible EU legal instrument in the area of European Contract Law
Paola Mariani
2012
Abstract
The EU currently faces several economic challenges. The rapid growth in competing economies such as the USA, China, India and Brazil, the recent financial and economic crisis, and macro-economic imbalances in the eurozone are all problems currently influencing the economic landscape. The Stockholm Programme states that European legislation should support economic growth in the common market. The Commission's Communication "Europe 2020" recognizes the need to simplify and minimize the costs for businesses and consumers that conclude contracts with partners in other EU countries by offering harmonized solutions for consumer contracts and by making progress towards an optional European Contract Law. The Commission has identified four possible problems in the current situation, which are verified and analyzed in this study:1) Additional transaction costs of business in multiple Member States; 2) Failure to exploit the growth and competitiveness potential in the internal market; 3) Restricted consumer choice and higher consumer prices; 4) Lack of access to goods and digital products from other Member States. The Bocconi team provided the legal support and drafted the legal parts of the Report especially the analysis of the Policy options.
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