Abstract
The recent Green Paper on Mortgage Credit in the EU (Brussels: European Commission, 2005) confirms that the European Commission is giving serious consideration to ‘the feasibility and desirability’ of a pan-European mortgage (‘Euromortgage’ or ‘Eurohypothec’) to facilitate the integration of cross-border financing of real estate investments. The purpose of this paper is two-fold. First, to examine the proposed Eurohypothec as a central case in the larger project of attaining cross-border commonality in European private laws of immovable property. Second, to consider whether the prevailing model for the Eurohypothec can be accommodated in England and Wales. It is argued that doctrinal indeterminacy or ‘shapelessness' in national property institutions of EU Member States assists in the reception of pan-European institutions alongside national laws, and thereby advances the project to achieve ius commune Europaeum in property law. It will be demonstrated that the mortgage law of England and Wales exemplifies the necessary doctrinal indeterminacy and therefore provides fertile ground for the reception of the Eurohypothec.
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