With its much-anticipated judgment in the Achmea case, the Court of Justice of the European Union added its authoritative interpretation of EU law to the debates about the legality of intra-EU investment arbitration. It found the investor-state arbitration clause in the bilateral investment treaty applicable between the Netherlands and the Slovak Republic to be contrary to EU law. As this contribution explains, the Court’s ruling will, however, not put an end to the debates, as it raises more questions than it answers. In the long-term, only a political solution might bring about clarity and legal certainty. Until this has been realised and the EU is able to provide its cross-border investors with a sufficient degree of protection, intra-EU investment dispute settlement is likely to experience chaotic times. In the short-term, the development that the CJEU’s judgment probably triggers can, therefore, only be viewed as disconcerting. This is equally true from the perspective of legal certainty for intra-EU investors as well as the Commission’s desire to maintain uniform standards for all market actors within the EU.
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