On 19 July the European Commission published the Communication “Protection of intra-EU investment”.
The aim of the guidance is to support the business environment for EU investors, helping them to defend their rights before national administrations and courts and sustaining Member States to protect the public interest in accordance with EU law.
One of the main theme of the Communication is related to the intra-EU bilateral investment treaties ('intra-EU BITs'). The Commission underlines in the document that the investors can no longer rely on these treaties, because they are illegal as they overlap with the EU single market legislation. Besides, the EC invites the Member States to take measures to put an end to the intra-EU BITs.
Overall, the guidance underlines that:
The free movement of capital, services, goods and workers in the EU Single Market are fundamental freedoms for EU individuals;
Investor-State arbitration between a Member State and an investor from another Member State is incompatible with EU law;
EU law allows for markets to be regulated to pursue legitimate public interests such as public security, public health, social rights, consumer protection or the preservation of the environment.
You can find the Communication in the EC’s website.