A type of system some have referred to as “ Community law” has come to evolve as a result of the federation of the individual nations that constitute the European Union. This has both occurred as a result of planned legislation that works to further centralize the use, application, and understanding of existing law and new law, as well as the unconscious effect that standardization in other forms has affected the realm of law and legal understanding. It is clear that this system of “ community law” has evolved rather than been forced to come into existence as a function of the European Union (Maduro, 2005). Further, the notions of harmonization, unification, self-regulation, and implementation that this convergence espouses is a natural by-product and perhaps even unguided needs of the nations involved to integrate into the union more completely and reduce impediments that currently exist systemically. As Tryfonadou relates, “ (convergence) is not a goal in and of itself. Legal action should maintain a well-balanced relation to the objectives to be achieved” (Tryfonadou, 2010). However, it is worth noting that this legal convergence is not the work of the legislative branch alone. The judicial actions within the system, as well as the unique and peculiar actions of market participants, all indelibly leave their mark on the evolution and convergence of law within this increasingly globalized system. As the author states, “ There are various representative organizations of market participants which, in view of the introduction of the euro and the resulting integration of financial markets, have adopted, or are in the process of adopting, standard market documentation for their transactions” (Tryfonadou, 2010).
In this way, it can be seen that rather than a central or collectivized approach towards law (although doubtless this exists to a certain degree) the main component factor that pushes towards a more congealed and coalesced understanding of law within the system are in fact a plethora of actors each acting for his/her own self interest.
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