The European Court of Justice has presented a powerful challenge to national regulators. In a series of landmark decisions, it has recognised the right to freely choose the corporate law system of any Member State, irrespective of where the newly established company will have its actual seat of administration or do business. In this issue, Tobias H. Tröger analyses the impact of this jurisprudence. Finding that Europe is different from the United States, he argues for a careful approach towards harmonised rules on European corporate governance. José Miguel Embid Irujo then studies the realities of the law of corporate groups in the European Union.