EUROPEANIZATION OF PRIVATE LAW- IMPACT TO ECONOMICAL GROWTH

Abstract

Paper explores role of the Europeanization of private law to economic growth in EU and especially in Eastern and Central Europe states. The purpose of the paper is two-fold. First, the paper seeks to bring out into the open various aspects of the Europeanization of private law – from process and outcome perspectives and analyses private law importance to economic growth especially to attract FDI. It focuses on selected aspects of EU private law and legal policies and other initiatives at European level. Second, and correlatively, the paper aims to introduce the theme of the Europeanization of private law into current debates concerning the effectiveness of Lisbon Agenda. Europeanization of private law both reinforces and strengthens the Lisbon agenda in order to create EU as a competitive in global market and by promoting entrepreneurship culture. On another hand importance of functional convergence of private law systems and competition of private law systems for economic growth can not be ignored because in CEECs foreign direct investment is one of the major sources of growth and those countries could not compete for capital using other means such as natural sources or size of their market as their competitive advantage.