Abstract
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.
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Notes
- 1.
Compare W. Schön, ‘Der Kapitalverkehr mit Drittstaaten und das Internationale Steuerrecht’, Festschrift für Franz Wassermeyer (2005), p. 491 (describing this freedom, at the time, as the ‘poor cousin’ of other fundamental freedoms).
- 2.
CJEU, Judgment of 23 February 1995, joined Cases C-358/93 and C-416/93.
- 3.
CJUE, Judgment of 28 January 1992, Case C-204/90, in particular point 34.
- 4.
CJEU, Judgment of 3 October 2006, Case C-452/04, departing however from the Opinion of Advocate General Stix Hackl (Conclusions 16 March 2006), in particular points 62 and 63).
- 5.
CJEU, Judgment of 1 June 1999, Case C-302/97.
- 6.
CJEU, Judgment of 13 April 2000, Case C-251/98.
- 7.
On freedom to establish in the CJEU case law, compare G. J. Vossestein, Modernization of European Company Law and Corporate Governance (Alphen aan den Rijn: Wolters Kluwer, 2010), p. 77.
- 8.
CJEU, Judgment of 12 September 2006, Case C-196/04, in particular points 32–33.
- 9.
Compare, for instance, CJEU, Judgment of 23 October 2007, Case C-112/05 Commission v. Germany (Volkswagen I: on this G. J. Vossnstein, Volkswagen: ‘The State of Affairs of Golden Shares, General Company Law and European Free Movement of Capital’, in ECFR, No. 1 (2008), p. 115); CJEU, of 26 March 2009 Case C-327/07 Commission v. Italy; Judgment of 21 October 2010, Case C-81/09, Idryma Typou, point 48; Judgment of 28 September 2006, joined Cases C-282/04 and C-283/04, Commission v. The Netherlands, points 42–43.
- 10.
More recently CJEU, Grand Chamber, Judgment of 22 October 2013, joined Cases C-105/12 – C-107/12, Essent, (in particular point 40); see also CJEU, Judgment of 28 September 2006, joined Cases C-282/04 and C-283/04, Commission v. The Netherlands, point 19; CJEU, Judgment of 8 July 2010, Case C-171/08, Commission v. Portugal, point 49.
- 11.
CJEU, Judgment of 24 May 2007, Case C-157/05.
- 12.
S. Hindelang, The Free Movement of Capital and Foreign Direct Investment, p. 108, where additional references.
- 13.
As to Italy, Tar Lazio, Judgment of 18 May 2010 and Consiglio di Stato, Judgment of 2 November 2011, Delta.
- 14.
CJEU, Judgement of 24 November 1993, Joined Cases C-267/91 and C-268/91.
- 15.
CJEU, Judgement of 25 July 2008, Case C-127/08.
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Lamandini, M., Muñoz, D.R. (2017). Free Movement of Capital: Could the CJEU Smooth Brexit?. In: da Costa Cabral, N., Renato Gonçalves, J., Cunha Rodrigues, N. (eds) After Brexit. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-66670-9_15
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