2011 Innovation Summit: speech by Viviane Reding on "Delivering justice for growth and stability"
Soundbite by Viviane Reding (in ENGLISH): the optional EU Common Sales Law will be a set of concise and user-friendly rules, existing in all official EU languages, which parties can choose to use as a contract for their cross-border transactions. I insist on the word "choose". This optional nature fits well with the principle of freedom of contract. It means that those traders that feel comforted by the status quo are left free to carry on trading under their own national law. On the other hand, those traders who see the advantage in the common set of rules for their cross-border transactions may opt for that regime. In short, the optional EU rules will provide an alternative which makes cross-border transactions easier and cheaper. It's a win-win situation for business and consumers.