Selecting the Best Instrument for European Contract Law

Abstract

Currently, the process of the Europeanization of private law is highlighted by a Green Paper on European Contract Law and the successive publication of a feasibility study. In these documents, the European Commission calls on all stakeholders to participate in the ongoing debate about the future of contract law. This article aims to contribute to this discussion on the search for the best instrument for European contract law. First, the purposes of the Green Paper are briefly outlined. Second, the several policy options presented by the European Commission are evaluated and the arguments for and against are considered. Third, we argue what option(s) should be preferred. Fourth, we refer to some crucial issues that need to be addressed before implementing a new model of European contract law. These relate to the formal and substantive scope of the instrument, as well as its incorporation in the current legal and social context. The present article provides a contribution to the ongoing debate that is likely to continue for several years to come.