16. 04. 2018
The recent judgement of the Court of Justice of the EU concerning the arbitration case Achmea vs. the Slovak Republic is considered by the international legal community to be one of the most important decisions in the history of the international investment arbitrations. This decision is not only important for the dispute between the Slovak Republic and Achmea but also for all other EU Member States which face similar investment arbitrations where some hundreds of millions of Euro are being claimed.
The essential precedent established by this judgement put the investment arbitration, as one of instruments for protection of cross-border investments within the single market, outside the EU legal order. This decision thus represents a major step towards the elimination of legal uncertainty related to the risk of huge investment claims that has so far persisted between intra-EU investors and the EU Member States.
The decision and changes it triggered might lead to situation that the disputes between foreign investors and states will return to the respective courts of Member States. This opens the door for various reforms in judiciary which should lead to enhancement of trust of the cross-border investors.
The Ministry of Finance of the Slovak Republic has been representing the Slovak Republic in the dispute with Achmea in arbitration as well as all judicial and administrative proceedings since 2008.
Ministry of Finance of the SR