A Legislative Instrument in European Contract Law
The Internal Market offers great opportunities for cross-border trade, which has been demonstrated to contribute to higher turnover growth, higher employment growth and more innovative products and services.
Nevertheless, the co-existence of different rules can lead to additional transaction costs, increased legal uncertainty for businesses and lack of consumer confidence. For example, 60% of companies see these additional compliance costs as a major obstacle to make transactions with consumers based in other Member States. Currently, 75% of European enterprises do not trade across borders, whereas almost 50% indicate that they would start doing so if regulations were the same.
Because of a wide variety of contracts that are governed by different national contract laws, it is important to facilitate cross-border exchanges in the Internal Market.
This survey will help the European Commission to identify the need for and impact of European rules of contract law which could help businesses to better profit from the European Internal Market.