The Idea of Legal Convergence and International Economic Law

Abstract

The convergence of different legal systems is one of the leading theses in the discipline of law. This paper proposes that international economic law is one of the great sources of inspiration for the coming together of various legal systems around the world. The paper will explore the European Union experience in this respect and it will analyse a number of legal principles which promote the idea of legal convergence in the sphere of international economic law. Furthermore, referral will be made to the organisations promoting the convergence of legal systems such as the International Monetary Fund (IMF), the World Bank Group (WB) and the World Trade Organization (WTO).

Keywords: law convergence, international economic law, European Union law, fidelity, conferred powers, subsidiarity, private law