Economic integration within Europe has led to a growing interest in the various national legal systems within the European Union and the European Economic Area. This is caused, first of all, by intensifying business relations and cross-border transactions. If, to give but one example, the buyer of a time-share in Spain live s in France where the buyer has his main domicile, it might very well be that Spanish law applies to the sales agreement and most certainly Spanish law will apply to the acquisition of the time-share. It has to be taken into account that there are around 1.5 million foreign property owners in Spain, which is among Europe's favourite countries for second homes. Interest in the various national legal systems is also growing, because of the growing impact that European law has on the law of the member states of the European Union. Developments have even gone so far that work has started on a Common Frame of Reference , aimed at systematising the existing acquis communautaire and at the same aimed at creating a common fund of concepts, definitions and rules upon which further European privat
