This article describes the most significant features of Regulation (EC) No 593/2008 on the Law Applicable to Contractual Obligations that will enter into force on 17. December 2009 (the Rome I Regulation). The Regulation will replace the Rome Convention on the same subject–matter. The authors approve of the “fine-tuning” of the provision regulating the parties’ rights to choose the applicable law. They welcome the provision on the law applicable in absence of an agreed choice. Though radically different from the corresponding provision of the Rome Convention it will satisfy the need for predictability. The new provisions on transports of carriage and insurance contracts are also discussed. The authors find the provision on the application of foreign international mandatory provisions very useful. However, they regret that the Regulation does not allow courts to apply the lex mercatoria in international disputes on an equal footing with national law. They also emphasize the need for a choice–of–law rule on jurisdiction agreements, which has not been provided in the Regulation.