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A more flexible Lex Mercatoria codification is maintained by the Trans-Lex.org-team. This set of principles of the new Lex mercatoria is updated on a regular basis.<ref>TransLex-Principles - https://www.trans-lex.org/principles/of-transnational-law-(lex-mercatoria)</ref>
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[[File:LexMercatoria.jpg|thumbnail|300px|[https://www.trans-lex.org/104970/_/malynes-gerard-consuetudo-vel-lex-mercatoria-or-the-ancient-law-merchant-/ Lex Mercatoria] printed in London 1622]]
Since 1960s there have been systematically countless discussions regarding the very nature and the function of the body of transnational commercial rules called ''Lex Mercatoria''<ref>''Lex Mercatoria'' (from the Latin for "merchant law"), and also often referred to as "the Law Merchant" in English, according to most authors is the body of commercial law which dates back to and was predominantly used by merchants throughout Europe during the medieval period - Sealy and Hooley, ''Commercial Law: Text, Cases, and Materials'', 2008, p. 14</ref>. The discussions and its subjects have become even more controversial over the years. Whereas some authors completely denied ''Lex Mercatoria'' existence, others noted its advantages and key role and importance in many fundamental points and areas.
==Origins of the ''Lex Mercatoria''==
The historical background of the very nature of ''Lex Mercatoria'' is controversial. Some authors suggest that ‘’’’Lex Mercatoria’’’’ is based on ''Ius gentian'', the body of Roman law that regulated economic relations between Roman citizens and foreigners. Other authors criticized this hypothesis and state that since ''Ius gentian'' was part of Roman law rather than autonomous body of law, it cannot be conceived as the precursor of today's ''Lex Mercatoria''. Yet another group of scholars claim that the origins of Lex Mercatoria can be traced back even further, in Ancient Egypt and even back to Greek and Phoenician trade. <ref>Historical background of ''Lex mercatoria'': concept, sources, theory - http://law.au.dk/fileadmin/site_files/filer_jura/dokumenter/forskning/rettid/artikler/20020046.pdf</ref>This theory has found more broad acceptance since Lex Mercatoria is used by merchants in international trade and the commercial exchanges in the Antiquity are now considered to have been governed by customary commercial rules. However, the debate regarding the origins continue even today as the majority of authors suggest that the Lex Mercatoria has its origins in the merchant law of the Middle Ages.<ref>Berger, The Lex Mercatoria: Old and New - https://www.trans-lex.org/the-lex-mercatoria-and-the-translex-principles_ID8</ref>
Furthermore, no matter which theory is to be considered as closest to the truth, it is important to know that the need to unify the law governing international private relations can be well traced back to even the first commercial transactions. Thanks to the international economic relations flourishing in the Western Europe during the eleventh century, ''Lex Mercatoria'' developed into a cosmopolitan mercantile law<ref>Also commonly referred to as “law merchant” (cf. https://www.trans-lex.org/the-lex-mercatoria-and-the-translex-principles_ID8) </ref> based upon customs and applied to cross-border disputes by the market tribunals of the various European trade centers. For the next eight hundred years those uniform rules of merchant law were applied among traders throughout Western Europe. Thus, ''Lex Mercatoria'' has evolved similar to English common law as a system of custom and best practice, enforced through a system of merchant courts along the main trade routes and has begun functioning as the international law of commerce.
==Key developments in the 19th and 20th centuries==
It should be noted that the process of negotiation and adoption of these conventions has always been very difficult and time-consuming. It often leads to partial harmonization, different interpretations of the same convention and the risk of having a petrified regulation, fragmentation, which cannot be revised and adapted to the further developments of international trade.
European Institutions – by way of Directives issued by the European Commission and European Parliament Resolutions have also attempted to codify and harmonize European Private Law. This is an essential task as the major objective of the European Union is the achievement of a single market. A special mention should be made both of the Common Frame of Reference (CFR) and the Draft Common Frame of Reference (DCFR) and to the Principles of European Contract Law (PECL), since these provide the clearest expression of codification of commercial principles and practices at European level.
