Capital, market and the State: reconciling free movement of capital with public interest objectives

In: Nijhoff studies in European Union law volume 20

Abstract

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 meeqrs -- 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.