Investment in the European Union: Competences, Structures, Responsibility and Policy

This chapter explains the current state of the EU investment policy, most notably its structure, the division of competences between the Union and its Member States, and the substance of the EU’s investment policy. To reach this aim, the second section co

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Contents Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Internal Market Dimension of Investment Protection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Protecting Investors Through Internal Market Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Disruption of the Internal Market Through IIAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Intra-EU Investment Treaties and EU Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The EU Competence for FDI Regulation (Extra-EU BITs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Pre-Lisbon Patchwork Rug of Competences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Post-Lisbon: The Muddle Continues? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Development of the EU’s Investment Policy Since 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Policy Orientation: From the “Gold Standard” to the “Right to Regulate” . . . . . . . . . . . . . . . . . Competences and Autonomy of the EU Legal Order as Shaping Factors . . . . . . . . . . . . . . . . . . . Filling the Gaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cross-References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Abstract

This chapter explains the current state of the EU investment policy, most notably its structure, the division of competences between the Union and its Member States, and the substance of the EU’s investment policy. To reach this aim, the second section covers the internal market dimension of investment protection and concentrates on investment agreements as distortions of the internal market. The third and fourth sections encompass the division of competence regarding investments. While the third section focuses on intra-EU investment treaties and their continued validity, the fourth section illuminates the development and substantive limits of the EU competence for FDI regulation. Having laid the foundation, the C. Herrmann (*) Passau University, Passau, Germany e-mail: [email protected] M. Hoffmann e-mail: [email protected] © Springer Nature Singapore Pte Ltd. 2020 J. Chaisse et al. (eds.), Handbook of International Investment Law and Policy, https://doi.org/10.1007/978-981-13-5744-2_33-1

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C. Herrmann and M. Hoffmann

fifth section examines the substantive development of the EU’s investment policy since 2009. Thereby, the analysis is not