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.