The Evolution of European Investment Law and Policy

The Evolution of European Investment Law and Policy is a book that brings together the reflections of the annual lectures delivered under the auspices of the European Federation for Investment Law and Arbitration (EFILA) by eleven speakers – some of the most influential thinkers and practitioners shaping the discipline today – on the profound transformation of the investor–State dispute settlement (ISDS) system over the past decade. These lectures have come to be seen as significant stocktaking moments in the evolution of the ISDS. The result is a collection that is both authoritative and deeply reflective, grounded in practice yet attentive to broader systemic concerns.

Eleven chapters deal with the following issues and topics:
- the EU’s proposal to replace traditional ad hoc arbitration with a two-tier Investment Court System (ICS);
- whether a permanent international appellate court for investment disputes would truly - address the perceived deficiencies of ISDS;
- the normative function of most favoured nation provisions in Bilateral Investment Treaties (BITs);
- the tension between EU law and international arbitration;
- mechanisms for navigating multiple proceedings arising from the same dispute;
- common ground shared by investors and States;
- the interaction between the Energy Charter Treaty and international environmental law;
- the impact of environmental, social and governance (ESG) obligations on the investment strategy of multinational corporations;
- the interaction between EU obligations and ECHR protections;
- how ICSID case law has shaped procedural standards, treaty interpretation, and the broader architecture of ISDS; and
- the use of artificial intelligence (AI) in investment arbitration.

Preserving the distinctive voice of each lecture within a broader narrative, the editors have created a volume that is greater than the sum of its parts. With its forward-looking assessment of the key developments, tensions, and future trajectories defining this dynamic field, it will equip practitioners, policymakers and academics with a resource mapping the trajectory of European investment law and ISDS reform over the past decade, and anticipating future directions.