European Commission holds first contract law roundtable with business and consumer groups

The European Commission held the first meeting of business, consumer and legal practitioners' groups today to discuss European contract law. At the moment, different national contract laws lead to higher transaction costs for businesses. Companies – particularly small businesses – cannot exploit economies of scale in the EU’s Single Market. Consumers suffer because there are fewer goods sold across borders, leading to less choice and higher prices. Progress towards a European contract law could help resolve these problems.