For the pdf-version of this article, please click here: http://www.glj-pdf.de PART II/II D. The Future of European Contract Law: Three Scenarios [40] Since for the time being, there is no European contract law regime, which would qualify as a legal system autonomously governing cross-border consumer transactions, the question addressed by the Action Plan and the Green Paper is, which strategy the Community should follow in order to reach a solution. And indeed, in this perspective both projects are closely interrelated, since the reform of the Rome Convention cannot be addressed without knowing, where the European contract law project is heading for. The following section shall give a brief presentation of three different scenarios of future development which are implied in the Action Plan and Green Paper. 1. The best of all worlds: an optional instrument [41] The best solution would be an optional European Contract Code, covering not only contract law but as well the related questions of transfer of and securities in property and the law of unjust enrichment. Such a European Contract Code could be implemented as a Community Regulation, which would apply to all international contracts, but like the CISG the Code would allow for an opt-out in international situations, and in addition for an opt-in in purely national situations by means of choice of law. Such a Code would, of course, provide for a high level of consumer protection, thereby rendering unnecessary a decision on the difficult questions of applicable law under the international contract law regime of the Rome Convention. However, this would only be true for cross-border contracts in pure internal market cases. The Rome Convention, especially Art. 5, would still have to provide rules on the law applicable in international situations with a connection to a third, non-EU state, on the one hand, and on the applicable law...