Where Should Europe's Investment Path Lead? Reflections on August Reinisch, 'Quo Vadis Europe?'

Abstract

Relative to the past policies of its Member States, will the European Union’s new comprehensive international investment policy constitute a step forward, a step backward, or a perpetuation of the status quo? Professor Reinisch’s contribution to this volume opens a wide window on the current state of the debate. His cogent analysis suggests that, at present, all three possibilities remain live ones, although some basic contours of a likely trajectory are beginning to take shape. I use his musings as a springboard to investigate two questions which follow naturally from his. That is, in view of Professor Reinisch’s response to the question “where are you going, Europe?” I ask, first, where should European investment policy go next, and second, who should decide? These normative questions are pressing and require thoughtful answers developed through inter-institutional dialogue. If the new EU-wide investment policy is to succeed, their resolution must take precedence over the more mundane, technical matters that have consumed the bulk of scholarly attention so far.

Keywords: Europe, European Union, EU, investment, bilateral investment treaties, Lisbon Treaty