Europe has to face up to three economic realities: climate change, digitalisation, and the rise of state capital- ism. Rather than letting them shape it, the European Union is committed to shaping them to reflect European values. It has planned a suite of measures for the Single Market for this purpose. At the international level, it is concluding treaties in which they agree to take measures that broadly align with European values.
But in these treaties, the European Union subjects its measures for the Single Market to legal challenge by foreign investors. Because the details of the applicable law are uncertain, these challenges have a chance to succeed, thus prompting the question: on account of the new treaties, can the European Union and its Member States still shape the three economic realities in a way that promotes and protects European values?
This question is the core research question of this research project, the Unionisation of International Investment Law.
The answer divides between three Parts. Part 1 develops a thesis that the European Union’s treaties profoundly change the international law relating to states’ treatment of foreign investors. Part 2 ascertains the details of those changes. Part 3 then applies that data to determine the likelihood of success of future legal challenges. Through these determinations, an assessment can be made on the core research question.