Suchergebnisse

La tesi prende le mosse dall'analisi della situazione di grave crisi venutasi a creare nel 2008 per il fallimento della Lehmann Brothers a seguito della "bolla immobiliare" sviluppatasi negli Stati Uniti d'America, situazione di crisi che si è gradualmente estesa alle economie di tutto il mondo (tra cui, in primis, l'Unione europea), con effetti in molti casi devastanti e che ancora si risentono pesantemente soprattutto nei paesi strutturalmente più deboli. L'indagine intende approfondire l'effetto che le politiche adottate dai governi e dalle autorità monetarie sulle due sponde dell'Atlantico possono aver avuto nelle rispettive economie e le possibili interazioni tra le medesime, con l'analisi dei provvedimenti legislativi e di quelli amministrativi progressivamente adottati. Con specifico riferimento alle persone fisiche, si guarderà ai meccanismi di tutela del piccolo investitore, considerando l'evoluzione dei sistemi di tutela dei suoi interessi e quelli per assicurargli un'adeguata conoscenza dei mercati finanziari. Una particolare attenzione sarà dedicata alle problematiche del cosiddetto "investitore d'azzardo" con la ricerca di un delicato e quanto mai precario equilibrio tra responsabilità e tutele. In merito alle persone giuridiche, si focalizzerà l'attenzione sulla possibilità di convogliare il risparmio sulle PMI, superando il cortocircuito venutosi a creare nel finanziamento delle stesse e valutando, nel contempo, le tutele per gli investitori. Partendo dallo status quo, si cercherà di verificare le disfunzioni del sistema finanziario, i rimedi adottati e le possibili evoluzioni; ciò attraverso una analisi comparatistica - tra Europa e Stati Uniti - dei comportamenti degli operatori, dei provvedimenti legislativi ed amministrativi, delle analisi degli studiosi e dell'evolversi della situazione. Si cercherà, infine, di verificare l'eventuale esistenza di ciclicità nelle varie crisi economiche succedutesi nel tempo o, invece, la necessità del ricorso a parametri di tipo diverso, specifici per momenti storici e realtà diversificate. ; The thesis is based on the analysis of the serious crisis that was created in 2008 for the failure of Lehmann Brothers following the "real estate bubble" developed in the United States of America, an issue that gradually extended to the economies of all over the world (including, first, the European Union), with effects in many cases devastating and still heavily affected especially in the most weakly-structured countries. The investigation intends to deepen the effect that the policies adopted by governments and monetary authorities on the two sides of the Atlantic may have had in their respective economies and possible interactions between them, with the analysis of legislative and administrative measures progressively adopted. With particular reference to natural persons, we will look at the protection mechanisms of the small investor, considering the evolution of systems of protection of his interests and those to ensure that he has adequate knowledge of financial markets. Particular attention will be paid to the issues of the so-called "gambler" with the search for a delicate and ever-precarious balance between responsibility and protection. With regard to legal entities, attention will be focused on the possibility of channeling savings on SMEs by overcoming the shortcoming that they have come to invest in financing them and, at the same time, assessing investor protection. Starting from the status quo, we will try to verify the financial system's dysfunction, the remedies adopted, and the possible evolutions. Through a comparative analysis - between Europe and the United States - of the behavior of operators, legislative and administrative measures, scholarly analysis and the evolution of the situation. Lastly, we will try to verify the possible existence of cyclicities in the various economic downturns over time or, instead, the need to resort to different parameters specific to historical moments and diversified realities.

Since the Great Recession, many Eurozone nations have seen their public debt levels increase greatly. By 2010, a member of the monetary union found itself unable to continue servicing its debt and made investors fear for the euro currency. The crisis was resolved thanks to a bailout of supranational organizations. Regardless, government debt from European nations is perceived as risk-free. The European Central Bank, through unconventional monetary policy and the mass purchase of government bonds, has managed to bring nominal interest rates to historical lows and governments have been able to continue borrowing without causing inflation on goods and services. Stock and commodity prices have, since 2010, increased more than the Eurozone's aggregate output. Similarly, home prices have increased more than aggregate GDP since the implementation of the euro. Given the historical precedents of currency and debt crises, it is necessary to question if investors should rationally expect the repayment of the real value lent to the various Eurozone governments.

International investment arbitration has become, since the end of the last century, a highly appreciated tool used by foreign investors, present in almost all bilateral investment treaties and commercial treaties with chapters dedicated to investments such as NAFTA, ECT, TTIP and CETA. However, the arbitration mechanism raises several doubts and criticisms, as its characteristics make it seem inconsistent with the requirements that the judicial system should have in a rule of law state, such as the impartiality and independence of the judges, or the transparency of the procedure and the possibility of access to documents. Moreover is not neglectable the weight on State's funds: the fees due to arbitrators and counselors are very high, as well as the compensation paid to investors is extremely high. There are therefore numerous frictions: with constitutional and democratic principles; with international human rights law; with a model of sustainable development for future generations ; L'arbitrato internazionale sugli investimenti è diventato, dalla fine del secolo scorso, uno strumento molto apprezzato ed utilizzato dagli investitori stranieri, presente in quasi tutti i trattati bilaterali sugli investimenti e nei trattati commerciali con capitoli dedicati agli investimenti come NAFTA, ECT, TTIP e CETA. Il meccanismo arbitrale solleva però diversi dubbi e critiche, in quanto le sue caratteristiche lo fanno apparire poco compatibile con i requisiti che in uno stato di diritto dovrebbe avere il sistema giudiziario, quali ad esempio l'imparzialità ed indipendenza dei giudici o la trasparenza del procedimento e la possibilità di accesso agli atti. Di non poco conto è inoltre il peso sulle casse statali: i compensi dovuti ad arbitri e consulenti sono molto alti, così comeestremamente elevati sono i risarcimenti riconosciuti agli investitori. Si rilevano perciò numerosi attriti: con i principi costituzionali e democratici; con la normativa internazionale sui diritti umani; con un modello di sviluppo sostenibile per le future generazioni.

The third mission of universities, the one that allows the commercialization of research results, has assumed a strategic role and primary importance in government policies, in Europe as well as in the rest of the world. Although this attention has raised interest around topics such as technology transfers and university spin-offs (USOs), the scarcity of available resources and the conventional university culture still did not allow us an optimal use of the opportunities related to this type of activity. It is necessary to develop a network among university, business and finance to create value and transform into business projects the result of years of academic research. The aim of this work is to investigate the phenomenon of USOs and the possible link with the private equity, emphasizing the strategies that such USOs can implement for the development of a network that creates value for universities, investors and the community itself.

"The Protection of the European Strategic Sectors". The kind of protection that is at the heart of this doctoral thesis is the defence of the strategic companies established in the European Union (EU) from takeovers by foreign investors, that is to say investors from countries which are not part of the European Economic Area. This work aims, on the one hand, at outlining the main features of a screening mechanism of foreign investments at the EU level and, on the other, at identifying the proper legal basis in the EU Treaties for its establishment. Chapter 1 contains a non-exhaustive list of the European strategic sectors which consist in all the economic sectors in which the EU or its Member States have adopted rules to limit foreign investors' right to acquire participations in strategic companies for reasons of public security. Indeed, the Court of Justice of the EU (CJEU) used the expression "strategic sectors" in relation to undertakings whose activities are deeply linked to the protection of public security. The EU notion of public security contains both internal and external security, but also the production of goods and the supply of services which are essential for the very existence of a country. Chapter 2 provides a comparative study of the present situation of strategic enterprises' protection in three EU Member States (Germany, Italy and France). It shows that a fragmented landscape of foreign investment control rules adopted by national authorities represents both a constraint to an efficient internal market of capital movements, and a limit to an effective protection of the European strategic sectors. By contrast, an EU foreign investment control mechanism could lead to a less fragmented system of strategic companies' protection, which would be able to encourage foreign investments. At the same time, a single EU body of foreign investment control should be more efficient in order to protect EU public security. Moreover, unlike Member States measures such as "golden shares", this mechanism could enjoy a greater degree of compatibility with the fundamental freedoms of the Treaties. In effect, the CJEU recognises a "presumption of conformity" with the freedoms of movement to the EU secondary legislation which pursues objectives of general interest like the protection of public security. Chapter 3 analyses the most significant experience of foreign investment control at the global level, the Committee on Foreign Investment in the United States, in order to understand if it could be a suitable model for the establishment of a similar body in the EU, the Committee on Foreign Investment in the EU (CFIEU). Once outlined the key aspects of the CFIEU, chapter 3 focuses on the search of the most proper legal basis in the EU Treaties for its establishment. The study tries to demonstrate that Article 207(2) TFEU on unilateral measures of Common Commercial Policy (CCP) could be the right legal basis for the creation of the CFIEU. Indeed, after the Lisbon Treaty, the CCP has become an exclusive competence of the EU which also encompasses the admission and the treatment of foreign direct investments. In conclusion, chapter 3 tries to figure out the implications of the establishment of the CFIEU both on Member States competences (especially their exclusive competence on national security by virtue of Article 4 TEU), and on the international obligations undertaken by the EU towards third countries, with particular reference to the World Trade Organisation rules and international investment law.

The financial crisis affecting European Monetary Union (EMU) since late 2008 led to the deterioration of credit quality of several countries in the Eurozone. The thesis explores both financial and macroeconomic issues of such debt crisis. The goal is to infer a cross-country sovereign risk measure in order to monitor and anticipate perilous recessive spirals which might lead to default. In the first part, results on risk-neutral pricing of defaultable claims are applied to government bonds, so that idiosyncratic risk premia decompositions are available for any EMU country. The sovereign risk portion is detachable with the use of standardized Credit Default Swaps (CDS) contracts. Dynamic term structures of hedging portfolios are coherently retrievable in this new standard market, bringing forth a set of default-free sovereign term structures. A comparison of these latter to money-market rates induces an alternative definition of the CDS-bond basis. The determinants of synthetic-cash credit market arbitrage opportunities are to be investigated within a full macro-financial environment.This motivates the second part of this work. The well-known prociclicality of the banking sector in real business cycle plays a central role in the exacerbation of economic crises. In this sense, credit crunch and increase in global risk aversion of investors may induce both safe-haven (liquidity floods) and default (liquidity dries-up) phenomena, attributable to shifts in sovereign debt demand curves. The aim becomes thus to construct a dynamic score which allows to detect the 'point of no return', beyond which target country cannot increase its debt level whatever the premium provided in yields, because of a lack of investors willing to buy it. A pure econometric approach is unsatisfacory, so the analysis evolves with the economic backdrop provided by the analysis of Ponzi borrowing schemes. Positive growth rates of debt-to-gdp ratios evaluated at market yields induce a dynamic scoring which can be compared to risk-neutral hazard rates, and be used to compute a physical default metric. Cointegration analysis shows long-run equilibria between the two default probability measures in non-core countries. This proves that both macroeconomic and financial conditions pace a common long-term path as instructed by the joint macro-financial situation of target distressed country.

The private real estate of historical centers play a crucial role in development's dynamics, because their efficient utilization contributes to the competitiveness and prosperity of the territory that they belong to. These real estate in state of decay and quite often under contested ownership, represent an impediment to the implementation of dedicated development plans. The objective of this paper is to contribute to the discussion on the historic centers and to suggest tools and preliminary procedures in support of the local Councils in facing up the problem of the unused private real estate, within a structured enhancement process. Will be used two approaches: one related to legal aspects of the problem, where have been clarified the available legislative instruments , the other which highlights the importance of the assessment process and its contribution in defining instruments used to set up development plans, with specific attention on the feasibility and sustainability of the investments involved in the recovery of these historic areas, eventually with the contribution of private funds, nevertheless the need to evaluate the benefit the private investors will receive in return from their investments. DOI: http://dx.medra.org/10.19254/LaborEst.15.01

The research studies the economic relationship between Central Eastern Europe and East Asia, in particular the foreing trade and the foreign direct investments, by analyzing their political influences and implications. The research is divided in two parts. The first part involves the relationship between the two regions after the second world war until the events of 1989. The cold war and the sino-soviet split affected the economic bilateral ties in that period. The growth or the decrease of the foreign trade were the consequence of the choices made in the foreign policy field. The vents of 1989, however, definitely changed the relationship between Central Eastern Europe and East Asia. The second part of the research involves the bilateral trade and foreign investmens made after the 1989. During the Nineties the trade exchanges decreased because the crisis that affected the Central Eastern Europe countries. During 2000s the relationship has become stronger than before thanks to the foreign direct investments made in Europe by Japanese, Korean and, recently, Chinese investors. The future of the relationship between Central Eastern Europe and East Asia is uncertain, because the relevant differences between them, and depends from the choices the Asian giants will make next years.

Social impact finance has emerged in recent years in response to the crisis of traditional welfare systems and the gradual decrease in public funding to the Third Sector, by offering new financial instruments to convey private capital to social entrepreneurship in order to create positive social impact combined with economic returns (Agrawal and Hockerts, 2019; Daggers and Nicholls, 2016; Hochstadter and Scheck, 2015). The debate on the effective application of these instruments has so far focused on social impact as a measurement for return on invested capital, neglecting the role of motivations driving involved agents (investors and social entrepreneurs). In this work, we investigate the impact of different financial instruments on governance structures and on the motivations of social enterprise stakeholders, both from a theoretical point of view and through pilot experiments that mimic the main features of social impact finance. Our experimental design aims to recreate in the laboratory the relationship between social enterprise, beneficiaries and financiers, including the following characteristics: extremely diversified/personalized goods/services (complexity); quality of the good/service; risk (linked to the effectiveness of the intervention provided) and components related to: information asymmetries, evaluation (impact), parameters of the financial instrument. Starting from this setting, we intend to evaluate the effect on motivations of alternative evaluation methods (input, output, outcome) linked to the financial instrument.

Lo spunto per l'articolo è dato dalla ripresa, nel giugno 2019, e dall'accelerazione del negoziato bilaterale fra Unione europea e la Repubblica popolare cinese per la conclusione del comprehensive agreement sugli investimenti. Sullo sfondo c'è il piano decennale Made in China 2025, il c.d. going global, che ha come obiettivo quello di fare acquisire alla Cina la leadership tecnologica mondiale attraverso un programma mirato di investimenti esteri in settori strategici e di attrazione locale di investimenti ad alta tecnologia. Da questo punto di vista se, da un lato, la Cina rappresenta un mercato di enorme interesse per le imprese europee, dall'altro la politica governativa e la normativa nazionale sugli investimenti diretti esteri impongono ai partner stranieri proprietari della tecnologia vincoli che si sostanziano in un esaurimento dei diritti di esclusiva oggetto dei contratti di licenza. Da qui il concetto di migrazione della tecnologia. Di conseguenza, nel 2018 sia l'Unione europea, sia gli Stati Uniti, in due diverse procedure, hanno chiesto all'Organo per la soluzione delle controversie del WTO di avviare le consultazioni con la Repubblica popolare cinese, lamentando la violazione di alcune disposizioni del GATT e dell'Accordo TRIPs da parte di varie normative cinesi attinenti agli investimenti esteri e al trasferimento di tecnologia. Nel frattempo, tuttavia, la Cina ha modificato le regole discriminatorie nei confronti dei partner stranieri. Ciò ha portato gli Stati Uniti a chiedere al DSB la sospensione della procedura contenziosa fino al 31 dicembre 2019 e l'Unione europea ad accelerare il negoziato per la conclusione dell'accordo bilaterale. Sulla base di queste premesse colgo l'occasione per tornare sul tema della cooperazione tecnica e della diffusione della tecnologia muovendo dagli artt. 7 e 8 TRIPs, anche in relazione ai nuovi accordi bilaterali di partenariato economico e/o di investimento. In prospettiva evolutiva tali disposizioni possono infatti giocare un ruolo importante nel rapporto fra paesi avanzati e a tutela degli interessi della collettività. Concludo con il riferimento al fallimento, finora, degli sforzi per arrivare ad un accordo internazionale multilaterale sugli investimenti o in materia di concorrenza. Essendo dunque, quella del negoziato bilaterale, l'unica via che si è trovata, auspico che essa sia percorsa dall'Unione europea e porti in tempi rapidi alla conclusione dell'Accordo sugli investimenti con la Repubblica popolare cinese in modo da garantire la reciprocità e la parità di trattamento con gli investitori locali. ; Starting point for the article is the resumption, in June 2019, and the acceleration of bilateral negotiations between the European Union and the People's Republic of China for the conclusion of the comprehensive agreement on investments. In the background is the ten-year plan Made in China 2025, the c.d. going global, whose goal is to give China the global technological leadership through a targeted program of foreign investments in strategic sectors and inward attraction of high-tech investments. Nevertheless if on the one side China is an attractive market for European investors, on the other side Chinese regulations on FDIs and on technological transfer resulted in being highly discriminatory in respect to foreign investors and licensor From this point of view, if, on the one hand, China represents an attractive market for European companies, on the other hand, government policies and local FDIs regulations impose various constraints on foreign technology owners which practically develop to the exhaustion of exclusive rights covered by the license agreement. Hence the concept of technology migration. Consequently, in 2018 both the European Union and the United States, in two different procedures, asked the WTO Dispute Settlement Body to start consultations with the People's Republic of China complaining about the violation of some provisions of the GATT and the TRIPs Agreement by various Chinese regulations concerning foreign investment and technology transfer. Meanwhile, however, China has revised the discriminatory rules against foreign partners. This led the United States to ask the DSB to suspend the procedure until December 31, 2019 and the European Union to accelerate the negotiation for the conclusion of the bilateral agreement. On the basis of these premises, I take the opportunity to return to the topics of technical cooperation and technology transfer focusing on articles 7 and 8 TRIPs, also in relation to new generation bilateral economic partnership and / or investment agreements. From an evolutionary perspective, these provisions could in fact play an important role in the future. I conclude referring to the failure, so far, to reach an international multilateral agreement neither on investment nor on competition. Being the bilateral negotiation the only practicable way that was found, I hope that it will be undertaken by the European Union and will lead to the conclusion of the Investment agreement with the People's Republic of China in order to guarantee reciprocity and a non-discriminatory treatment with local investors.

The knowledge society is defined by open accessibility to knowledge, information and learning able to sustain servicing process and the main vehicle is new emergent city as smart urban space. Smart city is a dynamic and open basket of interdependences between life and work, innovation and research towards hybridation of emergent ecologies by four integrated levels: (A) companies, universities, startup cluster and institutions; (B) market and non-market mechanism; (C) profit and no-profit trajectories of value; (D) work and creativity. In the emergent city we can see a great change of interrelations between consensus and democracy, rules and behaviors, power and technology. With new urban space of smart cities we can reconnect economy and society, nature and technology, science and arts, urban and non-urban space, centre and periphery, material and immaterial world, separated by last two centuries (by industrial revolution and Fordism) towards an emergent cognitive productivity oriented to wellness of humans and environment. The main impact is an inclusive connectivity between responsibility, sustainability and innovation able to enlarge the ties among circular economy, green and social society with knowledge society. The second one effect is a great interrelation between competition and cooperation in business environment with a great role of territories as dynamic connector and attractor of talents and investors. We need of local industrial policy focused on urban space with renewable reforms and modernization.

The process towards accountancy harmonization in the European Union has made crucial steps after the approval of directive 2001/65/EC, concerning the introduction of the fair value evaluation criterion, and of regulation (EC) 1606/2002, concerning the application of I.A.S. – I.F.R.S. by the listed companies. Furthermore, these two measures have been the premise for promoting a progressive common approach for the accountancy laws and procedures of the EU countries, with the aim of creating a shared accountancy language: the adoption of directive 2003/51/EC. This directive affects the IV directive, namely the core of EU Accountancy Law and therefore, as its specific consequence and emanation, the VII directive, directive 86/635/ EEC on banks and other financial institutions and directive 91/674/EEC concerning insurance companies. Furthermore, the European Commission intends to support those companies – not a minority share – which are not required to apply the I.A.S. – I.F.R.S. directly, in compliance with regulation (EC) 1606/2002, in producing annual accounts with internationally accepted criteria, characterized by a transparent information system in relation to investors and creditors. Once the prominent aspects of directive 2003/51/EC have been specified, the purpose of the work is to assess their potential impact on the laws in force and on the practice generally accepted in Italy in the present day, whilst considering how the national legislation has so far received and implemented directive 2001/65/EC and regulation (EC) 1606/2002. Notably, the perspective we will apply to this purpose relates to small- and mediumsized enterprises, namely the typical characters of an economic model rooted on family capitalism; as such, these characters are frequently distant from the capital financial market.

Il presente lavoro di ricerca ha ad oggetto i profili fiscali IVA dei servizi di investimento, in ambito sia europeo che nazionale, prestati dalle banche, dalle Sim e da consulenti/società di consulenza finanziaria nei confronti della clientela al dettaglio. Ciò al fine di individuarne il corretto trattamento fiscale nonché le possibili soluzioni agli interrogativi che ancora oggi rimangono aperti, anche alla luce delle indicazioni fornite nel tempo dalla Corte di Giustizia europea. Constatata la profonda differenza esistente tra la classificazione MiFID dei servizi di investimento e quella fiscale delle operazioni finanziarie, oltre alla mancanza di coordinamento tra le relative normative europee, che non si incontrano neanche nell'attività ermeneutica della Corte di giustizia, si è cercato di interpretare la Direttiva IVA alla luce della normativa di settore (MIFID). L'analisi della Direttiva IVA e, più in particolare, del trattamento da essa riservato alle operazioni finanziarie è stata, quindi, svolta cercando di ricondurre queste ultime ai (singoli) servizi di investimento (e, quindi, alla Direttiva MiFID) al fine di tracciare un collegamento che né il legislatore comunitario né la CGE hanno individuato. È, tuttavia, apparso evidente come l'intero sistema dell'IVA, con particolare riferimento alle operazioni finanziarie, si sia ormai consolidato sulle interpretazioni della Corte di giustizia le quali hanno mostrato una elevata resilienza intrinseca. È, pertanto, auspicabile un intervento legislativo, a livello comunitario, finalizzato a rimettere mano alla Direttiva IVA al fine di fornire criteri più chiari e stringenti per l'applicazione delle disposizioni in essa contenute, con particolare riferimento a quelle relative alle operazioni finanziarie. ; The present work is devoted to VAT tax profiles of investment services provided by banks, investment firms and financial advisors to retail investors, according to both European and Italian legislation. Its main aim is to identify possible solutions to any ...

This paper aims to investigate the compatibility of the objectives pursued by the European legislation establishing a framework for the recovery and resolution of credit institutions with the principle of protection of savings. The recent regulation provides for the sacrifice of the interests of creditors (and also depositors) of the failing credit institutions in order to cope with the difficult situation. Although, in our opinion, the disciplinary framework of reference prepares adequate tools to safeguard the reasons of the investors, the latter does not seem to consider the complex and variegated factual situations present in our country. The results of the first applications of the new regulation on the matter have confirmed, in fact, the difficulty of carrying out, in term of concreteness, an effective balancing act between the various objectives pursued by the latter and the need to prepare procedures to protect the position of savers. Hence the need to proceed with a review of the matter, so as to avoid the adoption of measures justified by contingent situations (and therefore not adeguately considered) and to prevent possible situations of differences in treatment among creditors belonging to different banks. ; Il presente lavoro si propone di indagare la compatibilità degli obiettivi perseguiti dalla normativa europea in materia di gestione delle crisi bancarie con il principio della tutela del risparmio. La recente disciplina infatti prevede il sacrificio degli interessi dei creditori (e anche dei depositanti) dell'ente creditizio per far fronte ad uno stato di dissesto nel quale esso potrebbe versare. Sebbene, a nostro avviso, l'impianto disciplinare di riferimento predisponga adeguati strumenti per salvaguardare le ragioni dei risparmiatori, quest'ultimo non sembra tenere in debito conto le complesse e variegate situazioni fattuali presenti nel nostro Paese. Gli esiti delle prime applicazioni della nuova regolazione in materia hanno confermato, infatti, la difficoltà di effettuare, sul piano delle concretezze, un'efficace opera di bilanciamento tra le diverse finalità perseguite da quest'ultima e l'esigenza di predisporre procedure idonee a tutelare la posizione dei risparmiatori. Da qui la necessità di procedere ad una revisione della materia, sì da evitare l'adozione di misure dettate da situazioni contingenti (e dunque poco ponderate) e da impedire possibili situazioni di difformità di trattamento tra creditori appartenenti ad istituti bancari diversi.

FOREIGN DIRECT INVESTMENTS IN EUROPEAN UNION LAW SUBSTANTIAL AND PROCEDURAL PROFILES The Lisbon Treaty has conferred upon the European Union exclusive external competence on FDI, now included in the Common Commercial Policy. This study focuses on the consequences which derive from the new allocation of competence, focusing on both the substantial and the procedural ones. As regards the substantial consequences, in the beginning it will be demonstrated that the new European competence has very wide boundaries, allowing it to regulate both the pre and post establishment phase of an investment transaction. This will provide – this was one of the outcomes reached with the conferral of competence – foreign investors with an uniform and well-defined legal regime of investments within the European Union. Secondly, we will follow the steps taken by the European Institutions in order to define a European Investment Policy. In this regard, attention will be paid on the EU Regulation no. 1219/2012, recently issued to define a transitional regime for the extra-EU BITs still in force. Thirdly, we will analyse the contents of the future European agreements, now under negotiation, with third countries such as Canada, U.S.A., China and few ASEAN members. Despite the few official publications of the agreement, it will be possible to reach some conclusions with regard to the investment policy that Europe intends to follow. As regards the procedural consequences, the relation will be analysed between the European Union law and arbitration proceedings, which originate right from European BITs. Once showed that those proceedings are perfectly lawful within the European Union and the arbitration clause will be included in the future investment agreements, the study will specifically concentrate on the law applicable by arbitrators. It will then be showed how International and European Law can interrelate and we will focus on the interpretative tools, given to the arbitrators in order to allow them to compose the conflicts, which may originate from the two above mentioned sources of law. The aim is to assess that there is not a hierarchy of supranational legal sources but, despite that, the conflicts of law between them can be settled by looking at the value the norm defends. In other words, through the objection in defence of the European public order, European norms can have the primauté on the international source. Otherwise, it will be the international norm to prevail.