In 1971, Eric Stein published an account of the remarkable progress of the European Economic Community (EEC) toward a harmonized law of business corporations. The progress was particularly striking from an American viewpoint, because the harmonization was achieved by moving toward the more rigorous of the various national standards, in contrast to the "race of laxity" or "race for the bottom" that has characterized the movement toward uniformity in the corporation laws of U.S. states.
Alfred F. Conard,
The Supervision of Corporate Management: A Comparison of Developments in European Community and United States Law,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol82/iss5/23