Yesterday we hosted a round table to discuss the potential of a European Business Code governing B2B transactions, bringing together business representatives, policy makers and academics.

The idea of a European Business Code - a common set of rules creating an extra legal option for business wanting to operate across the Single Market - was recently championed by Enrico Letta in his report on the future of the Single Market.

The EU Inc proposal of the European Commission follows this logic.

A study prepared by the Henri Capitant Association (see link below) shows the potential of the Business Code approach beyond company law. Its findings? Europe's Single Market still operates without a unified business framework, meaning companies face different legal regimes when engaging in B2B contracts, loans, securities and guarantees. This increases legal costs and restricts access to finance. Going for optional regimes in these areas could help address remaining fragmentation.

The roundtable triggered a lively & very engaged discussions. Thanks a lot to my team members Katrin Saaremael & Philipp Runge for organizing this, and to Philippe Dupichot, Michèle Grégoire and Matthias Lehmann for the excellent and thought-provoking presentation and to my fellow Commission colleagues and the many other participants for their active participation!

Source : One Market One Law