The case of Achmea offered the Court of Justice of the European Union (CJEU) the opportunity to rule on the admissibility of arbitration under so-called ‘intra-EU BITs’. The CJEU interpreted Arts 267 and 344 TFEU as precluding arbitration provisions between Member States such as the one at hand. The decision was based upon a rather short (as compared to the considerations of Advocate General Wathelet) and straightforward reasoning, which strongly emphasised the ‘autonomy of EU law’, which is ensured by the EU judicial system, and the principles of mutual trust and sincere cooperation between Member States enshrined in Art. 4(3) TFEU. The exact meaning and effect of the judgment, however, including its impact on extra-EU BITs, is subject to most diverse interpretations by commentators. This article presents the background of the various conflict lines between EU law and intra-EU BITs and discusses the implications of the judgment for these conflict lines as well as its (potential) impact upon the various other types of investor protection agreements.
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