The European Community is also a community of Law. Nevertheless the European Community is not focused on the creation of one European Law in contrast to the Laws of its Member States. Instead the European Community focuses on the harmonization of the national legal system only to the extent that is required for the functioning of the common market (art. 3 I h EC). The harmonization of Corporate Law (art. 44 EC) was regarded as a key factor of this process. As a consequence Corporate Law is one of the most harmonized legal fields in the European Community.