A dramatic upheaval in investor-state arbitration last year recently led to the apparent demise of investment treaties throughout Europe and could have broad implications for both international arbitration and foreign investments in the European Union. In May 2018, the Court of Justice of the European Union found in Achmea v. Slovak Republic that the bilateral investment treaty between the Netherlands and the Slovak Republic (a so-called intra-EU BIT) contained an arbitration clause that was incompatible with European law. 

Interpreted narrowly, the Achmea decision was viewed by some as affecting only those other pre-existing intra-EU BITs that contain the same arbitration provision. A broader interpretation of the Achmea decision, on the other hand, implicates the autonomy of EU laws and could discourage investment among EU member states.

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