Towards efficient contract rules in Europe?

What would be the economic impact of a harmonized contract law for the entire Europe? While many researchers around the continent are drafting common rules to be submitted to the European Commission as part of the 'common principles of European contract law' or CoPECL project, the Economic Impact Group (EIG) is working on providing insights about their economic consequences. The EIG, led by TILEC members Filomena Chirico, Pierre Larouche and Eric Van Damme and composed of highly qualified economists and lawyers, was convened for its second roundtable on 17 December 2007. The event was hosted by the University Pompeu Fabra in Barcelona. Draft papers on the economic analysis of certain rules of European contract law were presented and discussed by the participants. The rules discussed on this occasion concerned performance and breach of contract, measure of damages, consumer contracts, long-term contracts and insurance contracts. The boundary between contractual and extra-contractual obligations was also touched upon. The EIG will meet again in June 2008 and continue exploring the economic implications of the proposed rules.