THE TRANSFORMATION OF INTRA-EU INVESTMENT ARBITRATION: FROM TREATIES TO THE INTERNAL MARKET

Abstract

This thesis examines the transformation of intra‑EU investment protection following the CJEU’s Achmea trilogy and the European Commission’s State aid enforcement strategy. It argues that the EU’s interpretation of Article 26 ECT does not comply with the VCLT, and that the retroactive clawback of ICSID award payments under Articles 107‑108 TFEU undermines legal certainty and the finality of arbitral awards. The internal market framework, while providing genuine protections, is fragmented and lacks the unified, codified character of the BIT and ECT regimes. As a result, non‑EU courts have uniformly enforced intra‑EU awards, creating a permanent enforcement divergence that reflects the territorial limits of EU law.