Capital, Market and the State

Reconciling Free Movement of Capital with Public Interest Objectives

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This book explores how the EU free movement of capital provisions can be interpreted in order to allow certain forms of State participation in the market for the purposes of protecting public interest objectives in the context of privatisations and golden shares. Drawing from the international controversy regarding the risks and benefits of capital liberalisation, the book argues that the broad interpretation of ‘capital restrictions’ under Article 63 TFEU has significant consequences for national political economy choices and investigates the extent to which the existing legal framework set out in the Treaties offers room for reconciling economic integration with societal values.
Copyright Year:
2022
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978-90-04-47303-4
Publication:
25 Oct 2021
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978-90-04-47145-0
Publication:
28 Oct 2021
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Ilektra Antonaki, Ph.D. (2019), Leiden University, is Référendaire at the Court of Justice of the European Union, General Court. She has several publications, including: Free movement of capital and protection of social objectives in the EU: Critical reflections on the case law regarding golden shares and privatisations in Sacha Garben & Inge Govaere, The Internal Market 2.0. (Oxford: Hart Publishing, 2020), pp. 161-184 and Collective redundancies in Greece: AGET Iraklis (2017) 54 Common Market Law Review, Issue 5, pp. 1513-1534.
 Introduction
 i Bridging the Gap between the State and the Market in the Context of Capital Liberalisation

 ii Academic and Societal Relevance

 iii Structure of the Book


1 Capital Liberalisation at the International and the European Level
 i Capital Liberalisation at the International Level
 A The Theoretical Controversy about Capital Liberalisation

 B The International Legal Framework Governing Capital Liberalisation


 ii Capital Liberalisation at the European Level
 A A Historical Overview
 1 Treaty of Rome: The Early Tentative Steps

 2 The Council Directives

 3 The Maastricht Treaty


 B The Current Legal Framework
 1 The Scope of Article 63 tfeu
 a) Territorial Scope

 b) Material Scope
 i) Difference between Capital Movements and Payments

 ii) Definition of Capital Movements


 c) Relationship with the Other Freedoms


 2 Direct Effect of Article 63 tfeu

 3 Restrictions

 4 Derogations
 a) Treaty-based Derogations
 i) Article 65 tfeu

 ii) Derogations Applicable only to Capital Movements to/from Third Countries


 b) Overriding Reasons in the Public Interest


 5 Proportionality



2 Free Movement of Capital and Privatisations
 i The Theoretical Underpinnings of Privatisation
 A Definition of Privatisation

 B The Theoretical Controversy about Privatisation


 ii Privatisation and EU law
 A The Politico-economic Context

 B The Legal Framework: The Principle of Neutrality under Article 345 tfeu
 1 The ‘Maximalist Shield’ Interpretation

 2 The ‘Reductionist Shield’ Interpretation

 3 The ‘Sword’ Interpretation

 4 Assessment of the Three Interpretations



3 Free Movement of Capital and Golden Shares
 i Understanding the Theoretical Controversy Surrounding Golden Shares
 A Definition of Golden Shares

 B Golden Shares as Control Enhancing Mechanisms

 C The Principle of Proportionality between Ownership and Control

 D Varieties of Capitalism: Liberal Market Economies v Coordinated Market Economies

 E Corporate Governance and EU Law

 F The Takeover Directive and the Golden Shares Case Law


 ii Legal Issues Arising from the Golden Shares Case Law
 A The Horizontal Application of Article 63 tfeu in the Golden Shares Case Law
 1 The Concept of ‘Horizontality’ in Constitutional Law

 2 Horizontal Effect in EU Law
 a) Defrenne: Horizontal Effect of Equal Pay

 b) Walrave & Koch and Bosman: Horizontal Effect of Free Movement of Workers – Federation Exercising Regulatory Powers

 c) Angonese: Horizontal Effect of Free Movement of Workers – Discriminatory Private Conduct

 d) Viking and Laval: Horizontal Effect of Freedom of Establishment and Services – Trade Unions

 e) Dansk Supermarked, Van de Haar and Fra.bo: Horizontal Effect of Free Movement of Goods

 f) ams and Egenberger: Horizontal Effect of the Charter


 3 Horizontal Effect of Article 63 tfeu
 a) The Case Law Regarding the Horizontal Effect of Article 63 tfeu

 b) Scholarly Opinions on the Horizontal Effect of Article 63 tfeu

 c) Granting horizontal effect to Article 63 tfeu


 B Public Interest Objectives as Justification Grounds in the Golden Shares Case Law
 1 The Objective of Safeguarding Energy Supplies in the Event of a Crisis as Covered by Public Security under Article 65 (1) (b) tfeu

 2 The Objective of Ensuring Availability of the Telecommunications Network in the Event of a Crisis as Covered by Public Security under Article 65 (1) (b) tfeu

 3 The Objective of Guaranteeing a Service of General Interest as an Overriding Reason in the Public Interest

 4 Article 106 (2) tfeu

 5 Protection of Workers and of Minority Shareholders

 6 Economic Rule


 C Proportionality in the Golden Shares Case Law

 D The Definition of ‘Capital Restrictions’ in the Golden Shares Case Law
 1 The Concept of ‘Restrictions’ in the Free Movement of Goods
 a) The Pre-Keck Case Law on meeqr s

 b) The Keck Ruling and the Introduction of the Concept of ‘Selling Arrangements’

 c) The Post-Keck ‘Market Access’ Test


 2 The Application of Keck in the Other Freedoms (Workers, Services and Establishment)

 3 ‘Selling Arrangements’ in the Golden Shares Case Law

 4 In Search of a Refined Test for ‘Capital Restrictions’



 Conclusion

Bibliography

Index

This book is relevant to academics, post-graduate law students, academic libraries, legal practitioners, European institutions and other researchers in the field of EU law, EU Internal Market law and more broadly EU Economic law.
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