ABSTRACT. Cafaggi claims that the formation of European private law is a process. Cafaggi and Muir Watt highlight the internal transformation of private law and its increasing regulatory function to be considered in governance design. Murillo emphasizes that, over the 20th century, the obsolescence in various degrees of the early 19th century codes motivated a tendency towards legislative reforms in Latin America. Smits puts it that the more positivist the legal system and the more nationalist the country, the less efficient the law.