European and Global Harmonisation of the Law of Banking Transactions

Abstract

A greater problem is that, despite intensive research, it is scarcely possible to determine the rules of a transnational law of banking transactions. One reason is that it is scarcely possible to determine the rules that could be attributed to a transnational law of banking transactions. Before turning to legal harmonisation within the European Community, we should first be aware that these efforts must be viewed within the context of the international and global harmonisation process. When we attempt to analyse the place of the European Community in this international legal harmonisation process, we must first realise that the European Community is affecting private law in many differing ways. Here it becomes clear that a harmonisation of banking supervision law at a European Community level affects banking transactions law and, conversely, a harmonisation of contract law affects banking supervision law.