Abstract
The current context of the legal harmonisation process differs greatly from the conditions under which the process was started more than a century ago. Both rule-making and domestic implementation have become more complex. A wide range of tools may now be used to formulate and implement uniform rules. The aim of enhancing legal certainty and predictability is still the main driving force of international harmonisation efforts. However, experience with legal harmonisation and the growing interest in legal writings for the relationship between law and economics have produced additional arguments. Of particular relevance are arguments relating to the positive role of legal harmonisation and law reform in reducing transaction costs and facilitating business worldwide. Furthermore, the work of legal harmonisation now involves a large number of organisations – both governmental institutions and private sector representatives. Also, the rise of supranational organisations, of which the European Union provides the ultimate example, has added a new element to the law-making process, with possibly far-reaching consequences.
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