Free Movement of Capital: Could the CJEU Smooth Brexit?
In Europe free movement of capital is enshrined in Article 63 Treaty on the Functioning of the European Union (TFEU). However, this freedom had a very slow start; it was recognised direct effect only after the Court of Justice of the European Union (CJEU) Bordessa judgement (Joined Cases C-358/93 and C-416/93). Yet, its erga omnes effect, that is, it can be horizontally claimed also by non-EU nationals, makes it potentially the more far-reaching of all EU freedoms. Thus, in the current context, the construction of its scope and content by the CJEU enjoys special importance, because free movement of capital will continue to apply to companies established in the United Kingdom also after Brexit.