The authors focus on the impact of the Achmea judgment on the current system of investment treaty
arbitration. Particularly, the authors look at the impact on arbitration
clauses in the intra-EU BITs and the ECT. The authors also consider the
possible impact of the decision on investment arbitration clauses in investment
contracts with the EU Member States, the future intra-EU investment court
system, the EU Member States’ bits with third countries, the CETA investment
court system and the multilateral investment court. Is the Achmea judgment the end of investment arbitration as we know it? The
authors conclude that Achmea marks the end of one chapter in the history of investment
treaty arbitration, specifically that of investment treaty arbitration based on
intra-EU BITs. The authors argue that Achmea also marks the beginning of a new chapter in investment
treaty arbitration. According to them, Achmea is an additional factor in the current legitimacy crisis of
investment treaty arbitration, which forces both States and the arbitration
community to look for new innovative solutions to replace or at least reform
the current system.