Evolució del marc constitucional de la Unió Europea en la regulació de la inversió estrangera directa
Autor | Hèctor López Bofill |
Cargo | Professor agregat de dret constitucional de la Universitat Pompeu Fabra |
Páginas | 104-121 |
#51
EVOLUCIÓ DEL MARC CONSTITUCIONAL DE LA UNIÓ EUROPEA EN LA REGULACIÓ
DE LA INVERSIÓ ESTRANGERA DIRECTA*
+qFWRU/ySH]%R¿OO* *
Resum
$PEO¶HQWUDGD HQYLJRU GHO7UDFWDWGH /LVERDOD 8QLy(XURSHD 8(KD DVVXPLWFRPSHWqQFLHV HQPDWqULD G¶LQYHUVLy
HVWUDQJHUDGLUHFWD$TXHVWDUWLFOHGHVFULXHOVLVWHPDGHGLVWULEXFLyFRPSHWHQFLDO HQWUHOD8QLyL HOVHVWDWVPHPEUHVHQ
DTXHVWjPELW UHPDUFDOHVFRPSHWqQFLHV UHWLQJXGHVSHOV HVWDWVL H[HUFLGHVDWUDYpVGHOVWUDFWDWV ELODWHUDOVG¶LQYHUVLy L
SHU¿ODHOVLQVWUXPHQWVTXHSRGHQIHUFRPSDWLEOHODSROtWLFDG¶LQYHUVLRQVGHOD8(DPEODSROtWLFDG¶LQYHUVLRQVGHVSOHJDGD
SHOVHVWDWV (Q SDUWLFXODUHO WH[W VHFHQWUD HQ HOGHVHQYROXSDPHQW GH OD SROtWLFDGH OD 8(D SDUWLU GHOVQRXVDFRUGV
JOREDOVG¶LQYHUVLyDSXQWGHVHU UDWL¿FDWVRHQIDVHGHQHJRFLDFLy FRPHQHOFDVGHO¶DFRUGDPEHO&DQDGjGHO¶DFRUG
DPE6LQJDSXUR GHO¶DFRUGDPEHOV(VWDWV 8QLWVLDSURIXQGHL[ HQOHVFRQVHTqQFLHVGHULYDGHVGH O¶HVWDEOLPHQWG¶XQ
VLVWHPDGHUHVROXFLy GHFRQWURYqUVLHV LQYHUVRUHVWDWSUHYLVWHQ DTXHVWVDFRUGVLODVHYD FRPSDWLELOLWDWDPEHO SULQFLSL
G¶DXWRQRPLDGHOGUHWGHOD8(
3DUDXOHVFODX LQYHUVLyHVWUDQJHUDGLUHFWDGUHWFRQVWLWXFLRQDO GUHWGH OD8QLy (XURSHDWUDFWDWV ELODWHUDOVG¶LQYHUVLy
DFRUGVG¶LQYHUVLyGHOD8QLy(XURSHDVLVWHPDGHUHVROXFLyGHFRQWURYqUVLHVLQYHUVRUHVWDW
CHANGE IN THE CONSTITUTIONAL FRAMEWORK OF THE EUROPEAN UNION WITH
REGARD TO REGULATING FOREIGN DIRECT INVESTMENT
Abstract
Since the Treaty of Lisbon came into force, the European Union (EU) has assumed powers over foreign direct investment.
This article describes the system for allocating powers in this area between the Union and member states. It also
comments on the powers still retained by the member states (which they exercise through bilateral investment treaties)
and outlines the instruments that could make the EU’s investment policy compatible with that of member states. It
focuses in particular on developments in the EU’s policy based on new, global investment agreements that are about
WREHUDWL¿HGRU VWLOODWWKHQHJRWLDWLRQVWDJHVXFKDVWKHDJUHHPHQWVZLWK&DQDGD6LQJDSRUHDQGWKH8QLWHG 6WDWHV
and explores the consequences of establishing a state/investor dispute resolution system, which is envisaged by these
agreements, and its compatibility with the principle of EU law autonomy.
Key words: foreign direct investment; constitutional law; European Union law; bilateral investment treaties; European
Union investment agreements; state/investor dispute resolution system.
*$TXHVWDUWLFOHKDHVWDWHODERUDWDPE¿QDQoDPHQWGHO0,1(&25HI'(53
** +qFWRU/ySH]%R¿OOSURIHVVRUDJUHJDWGHGUHWFRQVWLWXFLRQDOGHOD8QLYHUVLWDW3RPSHX)DEUD&DPSXV&LXWDGHOODF5DPRQ7ULDV
)DUJDV%DUFHORQDKHFWRUORSH]#XSIHGX
$UWLFOHUHEXWHO$YDOXDFLyFHJDL'DWDG¶DFFHSWDFLyGHODYHUVLy¿QDO
Citació recomanadaLÓPEZ BOFILL+qFWRU©(YROXFLyGHOPDUF FRQVWLWXFLRQDOGHOD 8QLy(XURSHDHQ ODUHJXODFLy GHODLQYHUVLy
HVWUDQJHUDGLUHFWDªRevista catalana de dret públicQ~PGHVHPEUHS'2,
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 105
Sumari
,QWURGXFFLy
3ULPHUDIDVH HO PDUF FRQVWLWXFLRQDOGHOD 8( HQ PDWqULD G¶LQYHUVLRQVDEDQV GH O¶HQWUDGD HQ YLJRUGHO
7UDFWDWGH/LVERD
6HJRQDIDVH HOUqJLPHXURSHXGHOGUHW G¶LQYHUVLRQVDPESRVWHULRULWDW DO¶HQWUDGDHQYLJRUGHO7UDFWDWGH
/LVERD
/HVLQVWLWXFLRQVGHOD8(LHOVDFRUGVG¶LQYHUVLyGHVSUpVGH/LVERD
0DQWHQLPHQWGHOV%,7HQWUHHOVHVWDWVPHPEUHVLWHUFHUVHVWDWV
0HVXUHVGHFRPSDWLELOLWDWHQWUHODSROtWLFDG¶LQYHUVLRQVGHOD 8(LODSROtWLFDG¶LQYHUVLRQVGHOVHVWDWV
PHPEUHV
&RQVHTqQFLHVLSRVVLEOHVWHQVLRQVGHODWUDQVIHUqQFLDGHFRPSHWqQFLHVDOD8(HQPDWqULDG¶LQYHUVLRQV
LODSROtWLFDH[WHULRUGHOVHVWDWVPHPEUHV
(OVLVWHPDGHUHVROXFLyGHFRQÀLFWHVHQHOVDFRUGVG¶LQYHUVLyGHOD8(WHUFHUHVWDWLODVHYDDUWLFXODFLy
DPEHOVPHFDQLVPHVGHUHVROXFLyGHFRQÀLFWHVSUHYLVWRVHQHOV%,7
7HUFHUDIDVH ODSROtWLFD JOREDOG¶LQYHUVLRQVGH OD8( LOD QHJRFLDFLyGHOVWUDFWDWV GHOOLXUH FRPHUoDPE
LQFOXVLyG¶XQFDStWROHQPDWqULDG¶LQYHUVLRQV
/DQRSHUWLQHQoDGHOD8(DWUDFWDWVLQWHUQDFLRQDOVUHODWLXVDPHFDQLVPHVGHVROXFLyGHFRQWURYqUVLHV
LQYHUVRUHVWDW
(OVWULEXQDOVG¶DUELWUDWJHG¶LQYHUVLRQVLO¶DXWRQRPLDGHOGUHWGHOD8(8QOtPLWFRQVWLWXFLRQDO"
&RQFOXVLRQV
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 106
1 Introducció
(OSURFpVG¶LQWHJUDFLyHXURSHXHQUHODFLyDPEHOGUHWG¶LQYHUVLRQVHVWjJHQHUDQWFRQWURYHUWLGHVFRQVHTqQFLHV
HQO¶jPELWGHO¶RUJDQLW]DFLyGHOSRGHUS~EOLFLGHOVLVWHPDGHIRQWVTXHFRPHQoDDGHVYHWOODUO¶LQWHUqVGHOD
GRFWULQDFRQVWLWXFLRQDOLVWDLDGPLQLVWUDWLYLVWD
(QO¶DFWXDOLWDWFRPYHXUHPHOSURWDJRQLVPHGHODGLVFXVVLyUDXHQODLQVWDXUDFLyG¶XQPHFDQLVPHG¶DUELWUDWJH
LQWHUQDFLRQDOLQYHUVRUHVWDWHQHOPDUFG¶DFRUGVJOREDOVGHFRPHUoHQWUHOD8QLy(XURSHDLXQWHUFHUHVWDW
GHEDW TXH HQ FRQFUHW V¶HVWj FHQWUDQW HQ OHV QHJRFLDFLRQV VREUH HO GHQRPLQDW 7UDFWDW7UDQVDWOjQWLF GH
&RPHUoLG¶,QYHUVLRQVHQWUHHOV(VWDWV8QLWVLOD8(RTTIPHQOHVVHYHVVLJOHVHQDQJOqVSHUEpTXHDOJXQHV
THVWLRQVSUREOHPjWLTXHV VREUH ODUHODFLy HQWUH HOGUHW S~EOLF LHO GUHW G¶LQYHUVLRQVMD HV YDQFRPHQoDUD
FRSVDUG¶HQojGH OHVUHIRUPHVHQPDWqULDFRPSHWHQFLDOLQWURGXwGHVSHO7UDFWDWGH /LVERDLHQ HOFXUVGHOD
SROtWLFDG¶LQYHUVLRQVGHVSOHJDGDSHUOHVLQVWLWXFLRQVGHOD8QLyHOVGDUUHUVDQ\V
(OFDQYLSULQFLSDOTXHYDVXSRVDUO¶HQWUDGDHQYLJRUGHO7UDFWDWGH/LVERDYDFRQVLVWLUHQHOIHWTXHODPDWqULD
VREUH©LQYHUVLyHVWUDQJHUD GLUHFWDªHVWUDQVIHULDDPEFDUjFWHU H[FOXVLXDOD 8QLy(XURSHDHQHOPDUF GHOD
SROtWLFDFRPHUFLDOFRPXQDDUWLFOHVLHQUHODFLyDPEO¶DUWLFOHHGHO7UDFWDWGH)XQFLRQDPHQWGH
OD8QLy(XURSHD HQHQGDYDQW©7)8(ªGHPDQHUDTXHHOVHVWDWVPHPEUHVDPEODLQWHQFLyGHFRQVROLGDU
XQSROLQYHUVRUJOREDOVHPEODYHQUHQXQFLDUDXQLQVWUXPHQWHVVHQFLDOGHSROtWLFDHFRQzPLFDG¶LPSRUWDFLyL
H[SRUWDFLyGHFDSLWDO
(Q OD PHVXUD TXH DEDQV GH OD UHIRUPD LQWURGXwGD SHO 7)8( OHV UHODFLRQV LQWHUQDFLRQDOV G¶LQYHUVLy HV
FDQDOLW]DYHQSUHIHUHQWPHQWSHOVHVWDWVDTXHVWV KDYLHQGHVHQYROXSDWXQDFRQVWHOāODFLyGH WUDFWDWVELODWHUDOV
G¶LQYHUVLyFRQFORVRVHQWUH HOOVLWHUFHUV HVWDWVBITHQ OHVVHYHVVLJOHV HQDQJOqVDFUzQLP TXHIDUHPVHUYLU
HQDTXHVWWH[W VRWPHVRV DO GUHWLQWHUQDFLRQDOS~EOLF TXH UHJXODYHQ HOUqJLPG¶LQYHUVLRQV HVWUDQJHUHV WRW
HVWDEOLQWVLVWHPHVGHWUDFWHSUHIHUHQFLDOLPHFDQLVPHVGHUHVROXFLyGHGLVSXWHVVLWXDWVHQWULEXQDOVG¶DUELWUDWJH
LQWHUQDFLRQDO)LQVDO¶DQ\HOFRQMXQWGHOVHVWDWVPHPEUHVGHOD8(KDYLHQFRQFOzVDSUR[LPDGDPHQW
%,7[LIUDTXHFRQVWLWXwDXQDPLFDPHQ\VGHODPHLWDWGHOV%,7HQYLJRUDUUHXGHOPyQ8QDUHOOHYDQW
SDUWLFXODULWDWGHOVLVWHPDGH OLWLJLVGLVVHQ\DWSHUDOJXQV%,7FRQFORVRVSHUHVWDWVPHPEUHVGHOD8(pVTXH
HOVODXGHVGHOV WULEXQDOV LQWHUQDFLRQDOV G¶DUELWUDWJH SRGHQ VHUGLUHFWDPHQWH[HFXWLXV L QR VXVFHSWLEOHV GH
FRQWURORGH PROW OLPLWDW FRQWURO SHU SDUWGHOHV DXWRULWDWV MXGLFLDOV HVWDWDOV (Q DTXHVWDWHVVLWXUDDPE
HOGHVSOHJDPHQWGH OHV FRPSHWqQFLHV GH OD 8( HQ PDWqULDG¶LQYHUVLRQVHV SODQWHMD HO SUREOHPD GH FRP
FRQYLXHQL¿QVDTXLQDPHVXUDVyQFRPSDWLEOHVHOVDFRUGVDOVTXDOVOD8(SXJXLDUULEDUDPEWHUFHUVHVWDWV
DPEHOFLWDWUqJLPGHOV%,7TXHGLYHUVRVHVWDWVPHPEUHVKDYLHQPDQWLQJXWLPDQWHQHQ DPEHOVPDWHL[RV
WHUFHUVHVWDWV
8QDSUHRFXSDFLyGHULYDGDGHODQRYDRUJDQLW]DFLyGHOGUHWG¶LQYHUVLRQVLWDOYHJDGDODPpVUHOOHYDQWpV¿QV
DTXLQ SXQWOD WUDQVIHUqQFLDGHO SRGHULQWHUSUHWDWLX LG¶DSOLFDFLy GHOVDFRUGV G¶LQYHUVLyHQ FDVGH FRQÀLFWH
DWULEXQDOVLQWHUQDFLRQDOVG¶DUELWUDWJHSUHYLVWRVHQHOVDFRUGVJOREDOVG¶LQYHUVLy 8(WHUFHUHVWDWQR SRGULHQ
VLJQL¿FDUXQDIUDFWXUDHQODVXEMHFFLyGHOVSRGHUVS~EOLFVHXURSHXVDOGUHWGHOD8QLy(XURSHD(VWUDFWDULD
G¶XQDHVFOHW[D D WUDYpVGH OD TXDOHQOD PHVXUDHQTXq HOV ODXGHVVHULHQ GLUHFWDPHQW H[HFXWLXVHOXGLUHO
FRQWUROWDQW GHOVWULEXQDOV GHOVHVWDWV PHPEUHVTXH HQMXGLFLHVVLQHOFRQÀLFWHVHJRQVGUHW ORFDOL GUHWGH OD
8(FRP GHO PDWHL[7ULEXQDO GH-XVWtFLD GH OD8( 7-8( &RPYHXUHPDTXHVWD SRVVLELOLWDWDWHQRU GHO
]HODPEHOTXDOHO7-8(GHIHQVDODVHYDMXULVGLFFLyHQG¶DOWUHVjPELWVFRPHOVUHODWLXVDOVGUHWVKXPDQVHV
9HJHX SHUH[HPSOH OHVDSRUWDFLRQV GHSCHILL SCHNEIDERMAN o TERHECHTE$L[t SCHILL 6WHSKDQ International Investment
/DZ DQG &RPSDUDWLYH 3XEOLF /DZ 2[IRUG 2[IRUG 8QLYHUVLW\ 3UHVV SCHNEIDERMAN 'DYLG ©,QYHVWPHQW 5XOHV DQG WKH
1HZ&RQVWLWXWLRQDOLVPª Law & Social Inquiry YRO Q~P S SCHNEIDERMAN 'DYLG Resisting Economic
*OREDOL]DWLRQ&ULWLFDO7KHRU\ DQG,QWHUQDWLRQDO ,QYHVWPHQW/DZ+RXQGPLOOV 3DOJUDYH0DFPLOODQ SCHNEIDERMAN'DYLG
&RQVWLWXWLRQDOL]LQJ(FRQRPLF*OREDOL]DWLRQ&DPEULGJH &DPEULGJH8QLYHUVLW\3UHVVTERHECHTE -|UJ3KLOLSS©1DWLRQDO
&RQVWLWXWLRQDO/DZ/LPLWDWLRQVRQWKH$GYDQFHPHQWRIWKH(8¶V&RPPRQ&RPPHUFLDO3ROLF\ª$BUNGENBERG0DUFLHERRMANN
&KULVWRSKHG&RPPRQ &RPPHUFLDO3ROLF\DIWHU /LVERQ(XURSHDQ (FRQRPLF/DZ+HLGHOEHUJ1RYD
9HJHXO¶LQIRUPHVREUHLQYHUVLRQVGHGHOD&RQIHUqQFLDGH1DFLRQV8QLGHVSHUDO&RPHUoLHO'HVHQYROXSDPHQW81&7$'
Investment Report 2014GLVSRQLEOHDKWWSXQFWDGRUJHQ3XEOLFDWLRQV/LEUDU\ZLUBHQSGI!
8QDERQD VtQWHVLVREUHOHV SDUWLFXODULWDWVGHO¶DUELWUDWJHLQWHUQDFLRQDO G¶LQYHUVLRQVDOTXDOHV UHIHUHL[HQHOVPHQFLRQDWV%,7 HV
WUREDD LAVRANOS1LNRV©'HVLJQLQJDQ ,QWHUQDWLRQDO,QYHVWRUWR6WDWH$UELWUDWLRQ 6\VWHP$IWHU2SLQLRQ ª$BUNGENBERG
0DUFLHERRMANN&KULVWRSKHG&RPPRQ&RPPHUFLDO3ROLF\DIWHU /LVERQ(XURSHDQ
op. cit.S
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 107
SRGULDGHVFDUWDUVLQRIRVSHUTXq¿QV LWRWHQO¶DFWXDOLWDWFRPH[SOLFDUHPHOV PHFDQLVPHVGHUHODFLyHQWUH
HOVWULEXQDOVLQWHUQDFLRQDOVG¶DUELWUDWJHLODMXULVGLFFLyHXURSHDSUHVHQWHQXQDVqULHGHGq¿FLWVVLJQL¿FDWLXV
(OSUHVHQWDUWLFOHV¶HVWUXFWXUDUjDPEXQDGHVFULSFLyGHO¶HYROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHD
HQUHODFLyDPE HOGUHWG¶LQYHUVLRQVGLYLGLGDHQWUHVIDVHVUHIHULGHV SULPHUDPHQWDOD UHJXODFLyHQPDWqULD
G¶LQYHUVLyHVWUDQJHUDGLUHFWD DEDQVGHO¶HQWUDGD HQYLJRUGHO7UDFWDWGH/LVERDHQ VHJRQOORFD ODVLWXDFLy
FUHDGDDPEO¶HQWUDGDHQYLJRUGHO7UDFWDWGH/LVERDDPEXQHVPHQWHVSHFLDODOVDFRUGVG¶LQYHUVLyFRQFORVRV
VRWD HO QRX UqJLP L HQ WHUFHU OORF D O¶DQjOLVL GHOV SURFHVVRV GH QHJRFLDFLy GHOV DFRUGV G¶LQYHUVLy 8(
WHUFHU HVWDW HQFDUD SHQGHQWV GH UDWL¿FDFLy TXH SUHVHQWHQ QRYHWDWV UHPDUFDEOHV L PROW THVWLRQDEOHV HQ
FRPSDUDFLyGHOVDFRUGVGHODIDVHDQWHULRU HQSDUWLFXODUWUDFWDUHPHOV FDVRVGHOVDFRUGV8(&DQDGjL8(
6LQJDSXUVXVFHSWLEOHV GHGHWHUPLQDU HOPDUFGH UHJXODFLyGH 77,38((8$$L[t PDWHL[DQDOLW]DUHP D
WHQRUGH ODQDUUDFLy H[SRVDGD VREUHHO SURFpVG¶LQWHJUDFLy L HOGUHW G¶LQYHUVLRQVHOV SULQFLSDOVSUREOHPHV
GHFRPSDWLELOLWDWHQWUHHOUqJLP GHOD 8(L HOUqJLP GHOVHVWDWVPHPEUHVDUWLFXODWDO YROWDQWGHOV %,7LHOV
SULQFLSDOVLQVWUXPHQWVFRQFHEXWVSHUVXSHUDUORV
2 Primera fase: el marc constitucional de la UE en matèria d’inversions abans de l’entrada
en vigor del Tractat de Lisboa
3HUEpTXHDEDQVGHO¶HQWUDGDHQYLJRUGHO7UDFWDWGH/LVERDQRKLKDYLDXQDFRPSHWqQFLDH[SOtFLWDDWULEXwGD
DOD8(HQPDWqULDG¶LQYHUVLyHVWUDQJHUD GLUHFWDHO GUHWHXURSHX WHQLDXQDUHOOHYDQWLQFLGqQFLDHQ DTXHVWD
THVWLy/HV FRPSHWqQFLHVHQ PDWqULDGH FLUFXODFLyGHFDSLWDOVGHSROtWLFD FRPHUFLDOFRPXQD GHGUHW GH
ODFRPSHWqQFLDGH OOLEHUWDWG¶HVWDEOLPHQWRGHPHGL DPELHQWSRVDYHQOtPLWV DOVHVWDWVPHPEUHVHQOD VHYD
FDSDFLWDWG¶DWUDFFLy G¶LQYHUVLRQVIRUDQHV DO¶jPELW GHOD 8(R DOUqJLP GHOHV VHYHVLQYHUVLRQV HQDTXHVWV
WHUFHUVHVWDWV$L[t SHUH[HPSOHSULQFLSLV FRP HO GHSURKLELFLyGH GLVFULPLQDFLy SHU UDyGHQDFLRQDOLWDW
DSOLFDWDOFRQMXQWGHOVFLXWDGDQVGHOD8QLyLPSHGLHQWHzULFDPHQWTXHXQHVWDWPHPEUHQHJRFLpVDPEXQWHUFHU
HVWDWSULYLOHJLV UHFRQHJXWVHQ H[FOXVLYDDOV VHXVLQYHUVRUV QDFLRQDOVL UHTXHULDTXHWRWDJDUDQWLDHVWDEOHUWD
HQIDYRUG¶XQFLXWDGjRG¶XQDHPSUHVDG¶XQHVWDWPHPEUHIRVH[WHQVLYDDTXDOVHYROFLXWDGjRHPSUHVDGHOD
8QLy(QXQVHQWLWVLPLODULFRPDQRYDPRVWUDGHODLQFLGqQFLDGHOGUHWGHOD8QLyHQUHODFLyDPEHOUqJLP
LQYHUVRUSURFHGHQWGHWHUFHUVHVWDWVFDOLDWHQLUHQFRPSWHTXHHOVSRGHUVS~EOLFVGHFDGDVFXQGHOVHVWDWVGHOD
8(V¶KDYLHQG¶DEVWHQLUG¶LQFHQWLYDUO¶DWUDFFLyGHFDSLWDOVHVWUDQJHUVPLWMDQoDQWDMXWVGLUHFWHVRH[HPSFLRQV
WULEXWjULHVTXHYXOQHUHVVLQHOGUHWHXURSHXGHODFRPSHWqQFLD(QUHODFLyDPEODOOLEHUWDWG¶HVWDEOLPHQWDL[t
PDWHL[OD&RPXQLWDW(XURSHDWDPEpSRGLDDGRSWDUPHVXUHVUHODWLYHVDO¶DFFpVDXQDDFWLYLWDWHFRQzPLFDTXH
WLQJXHVVLQUHODFLyDPEODLQYHUVLyLQLFLDOUHDOLW]DGDSHUXQQDFLRQDOG¶XQWHUFHUHVWDW
/DLQFHUWHVDVREUHHOVSRGHUVGHOD8QLyHQPDWqULDG¶LQYHUVLRQV YDFRQGXLU DOIHW TXHOHV VHYHVDXWRULWDWV
WHQGLVVLQDIRQDPHQWDUODVHYDDFWXDFLyVREUHODEDVHGHODGRFWULQDGHOHVFRPSHWqQFLHVLPSOtFLWHVGHULYDGD
GHO¶DQWLFDUWLFOH GHO7UDFWDW&RQVWLWXWLX GHOD&RPXQLWDW(XURSHD7&&(HQUHODFLyDPE ODSURMHFFLy
H[WHULRUGHOYHQWDOOGHFRPSHWqQFLHVLQWHUQHVDVVXPLGHVDUWLFOH7&&($TXHVWDHVWUXFWXUDQRUPDWLYD
YDSHUPHWUHDOHVDXWRULWDWVHXURSHHVHQWUHG¶DOWUHVPHVXUHVQHJRFLDULFRQFORXUHDFRUGVLQFRUSRUDQWDOJXQHV
SUHYLVLRQVHQPDWqULDG¶LQYHUVLRQVDPEWHUFHUVHVWDWVIRVHQHO PDUFG¶XQDFRUGG¶DVVRFLDFLyHQHOFRQWH[W
G¶XQWHUFHUHVWDWTXHDVSLUDYDDO¶DGKHVLyHQHOPDUFG¶XQDFRUGGHFRRSHUDFLyFHQWUDWHQHOGHVHQYROXSDPHQW
6REUHHOVLVWHPDFRPSHWHQFLDO HQO¶jPELWG¶LQYHUVLyHVWUDQJHUDGLUHFWDDEDQVGHO¶HQWUDGD HQYLJRUGHO7UDFWDWGH/LVERDYHJHX
DIMOPOULOS$QJHORVEU Foreign Investment Law2[IRUG2[IRUG8QLYHUVLW\3UHVVS
$TXHVWD GRFWULQDSHU ODTXDO HOVDYDQWDWJHV RIHUWVD XQQDFLRQDO G¶XQHVWDW PHPEUHHQ XQDFRUG DPE XQWHUFHU HVWDWKDYLHQ
G¶HVWHQGUH¶VDWRWVHOVQDFLRQDOVGHWRWVHOVHVWDWVPHPEUHVGHOD8(V¶LQIHULDGHOD VqULHGHFDVRVFRQHJXGDFRPD&HOVREHUWV&DV
&RPLVVLyFRQWUD5HJQH8QLW>@(&5,&DV&RPLVVLyFRQWUD'LQDPDUFD>@(&5,&DV
&RPLVVLyFRQWUD 6XqFLD>@ (&5, &DV &RPLVVLy FRQWUD)LQOjQGLD >@(&5 , &DV &RPLVVLy
FRQWUD%qOJLFD >@ (&5, &DV &RPLVVLy FRQWUD/X[HPEXUJ >@(&5 ,&DV &RPLVVLyFRQWUD
Àustria>@(&5,L&DV&RPLVVLyFRQWUD$OHPDQ\D>@(&5,
$L[tYHJHXVIDAL PUIG5DPyQ©7KH6FRSHRIWKH1HZ([FOXVLYH&RPSHWHQFHRIWKH(XURSHDQ8QLRQZLWK5HJDUGWRµ)RUHLJQ
'LUHFW,QYHVWPHQW¶ªLegal Issues of Economic IntegrationYROQ~PS
6REUHODGRFWULQDGHOHVFRPSHWqQFLHVLPSOtFLWHVYLQFXODGDDO¶DFFLyH[WHULRUYHJHXKLAMERT0DUFXVLMAYDELL1LNODV©/RVWLQ
([FOXVLYLW\,PSOLHG1RQH[FOXVLYH([WHUQDO&RPSHWHQFHVLQ&RPPXQLW\/DZª(XURSHDQ)RUHLJQ$IIDLUV5HYLHZQ~P
S9HJHXWDPEpHQWUHG¶DOWUHVHO'LFWDPHQGHO7ULEXQDOGH-XVWtFLDGHOHV&RPXQLWDWV(XURSHHV&RQYHQLQ~PHUR
de la OIT>@(&5,SDUjJUDI
3HUH[HPSOHO¶$FRUGG¶DVVRFLDFLyLHVWDELOLW]DFLyDPE&URjFLD2-/
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 108
HFRQzPLFR HQHO PDUFG¶XQ DFRUGG¶DVVRFLDFLyR GHOOLXUH FRPHUoDPE XQWHUFHUHVWDWQRHXURSHX HQHO
TXDOOD LQYHUVLy WHQLDXQD LQFLGqQFLD FODXHQOD FLUFXODFLyGHPHUFDGHULHV L HQOD OOLEHUWDW GHSUHVWDFLyGH
VHUYHLV$TXHVWDGDUUHUDFLUFXPVWjQFLDYDUHIRUoDUODSDUWLFLSDFLyGHOHVLQVWLWXFLRQVGHOD8QLy(XURSHDHQ
UHSUHVHQWDFLyGHO FRQMXQWGHOV HVWDWVPHPEUHV HQRUJDQLW]DFLRQV HFRQzPLTXHVJOREDOV FRPO¶2UJDQLW]DFLy
0XQGLDOGHO&RPHUoLODFDSDFLWDWGHVXEVFULXUHDFRUGVHQPDWqULDG¶LQYHUVLRQVTXHHVSRJXHVVLQFRQFORXUH
HQDTXHVWVIzUXPV
/DYDJXHWDWGHOVSRGHUVGHOD8QLyVREUHHOGUHWG¶LQYHUVLRQVSHUzFRQWLQXDYDSHUPHWHQWDOVHVWDWVPHPEUHV
HOGHVSOHJDPHQW G¶XQD SROtWLFD G¶LQYHUVLRQV HQUHODFLyD WHUFHUV HVWDWV DOPDUJHGHO SURFpV G¶LQWHJUDFLyL
FRQFUHWDGDFRPMDKHPDQXQFLDWHQ%,7-DDEDQVGHO¶HQWUDGDHQYLJRUGHO7UDFWDWGH/LVERDDTXHVWV%,7
SRGLHQSUHVHQWDULQFRPSDWLELOLWDWV DPEHOGUHW GHOD8( SUHFLVDPHQWSHUOD LQFLGqQFLDVREUHPDWqULHV FRP
FLUFXODFLyGHFDSLWDOVOOLEHUWDWG¶HVWDEOLPHQWRGUHWGHODFRPSHWqQFLDTXHMDVRWDHO7UDFWDW&RQVWLWXWLXGHOD
&RPXQLWDW(XURSHDHUHQG¶LQHTXtYRFDDWULEXFLyFRPXQLWjULD8QFRQÀLFWHQRH[HPSWHQFDUDGHFRQVHTqQFLHV
UHTXHLDHQHOV%,7FRQFORVRVHQWUHXQHVWDWPHPEUHGHOD8(LXQWHUFHUHVWDWHXURSHXTXHDFDEDULDDGKHULQW
VHDOD8QLyTXDQHOWHUFHUHVWDWHQFDUDQRHUDPHPEUHGHO¶RUJDQLW]DFLyDPEWRWHV OHVGL¿FXOWDWVG¶HQFDL[
TXHGHVSUpVVLJQL¿FDULDHOPDQWHQLPHQWGHUHJOHVGHGUHWLQWHUQDFLRQDOS~EOLFHQWUHGRVHVWDWVPHPEUHVGHOD
8(PDOJUDWTXHDOJXQHVG¶HOOHVIRVVLQFRQWUjULHVDOGUHWGHOD8((QDTXHVWDUWLFOHSHUzQRHQVFHQWUDUHP
HQDTXHVWDSUREOHPjWLFDDODTXDOVHVROUHIHULUDPEHOFRQÀLFWHHQWUHHOVDQRPHQDWVintraBITLHOGUHWGHOD
8(VLQyHQHOWHPDGHOHVSRVVLEOHVLQFRPSDWLELOLWDWVHQWUHO¶DFFLy GHOD8(HQUHODFLyDPEWHUFHUV HVWDWV
QRHXURSHXV HQPDWqULDG¶LQYHUVLRQV LODUHJXODFLy GHOHV LQYHUVLRQV FRQWLQJXGDHQ HOV%,7TXH HOVHVWDWV
PHPEUHVPDQWHQHQDPEHOVPDWHL[RVWHUFHUVHVWDWVODTHVWLyGHOVDQRPHQDWVextraBIT
3 Segona fase: el règim europeu del dret d’inversions amb posterioritat a l’entrada en vigor
del Tractat de Lisboa
&RPKHP YLVWO¶HQWUDGD HQYLJRU GHOGHQRPLQDW 7UDFWDWGH/LVERDYDUHSUHVHQWDUO¶DVVXPSFLySHUSDUW GH
OHVDXWRULWDWV GH OD8QLy (XURSHD GHODFRPSHWqQFLD H[FOXVLYD HQPDWqULD G¶©LQYHUVLy HVWUDQJHUDGLUHFWDª
DVVRFLDGDDODSROtWLFDFRPHUFLDOFRPXQDDUWLFOHVLHQUHODFLyDPEO¶DUWLFOHH7)8(/DQRYD
DUWLFXODFLyFRPSHWHQFLDO GHULYDYD GHOD FRQVWDWDFLy TXHOD OLEHUDOLW]DFLy GHOD FLUFXODFLy GHPHUFDGHULHV L
VHUYHLVTXHHVSURSRVDYDLODSROtWLFDFRPHUFLDOHQUHODFLyDPE WHUFHUVHVWDWVRDPEG¶DOWUHVRUJDQLW]DFLRQV
UHJLRQDOVG¶LQWHJUDFLy HFRQzPLFDUHFODPDYD WDPEpOD OLEHUDOLW]DFLyHQ PDWqULDG¶LQYHUVLRQV LGH ÀX[RVGH
FDSLWDODL[t FRP XQDLQWHUYHQFLyHQ EORF GHOD 8QLy (XURSHDVREUHOD PDWqULD D¿ GH UHIRUoDUODSRVLFLy
QHJRFLDGRUDLGHFRPSHWLUHQHOPHUFDWJOREDOG¶LQYHUVLRQV
(QDTXHVWVHQWLWYHJHXO¶H[HPSOH GHO¶DFRUGG¶DVVRFLDFLyHFRQzPLFDHQWUHOD8(LHOVHVWDWVGHO &DULE&$5,)2580-
/,
$L[tSHUH[HPSOHHQHOVDFRUGVDPE;LOHL0q[LF9HJHX$FRUGG¶DVVRFLDFLy8(;LOH2-/VLJQDWHOGHQRYHPEUH
GH2O¶DFRUGHQWUH0q[LFLOD8(HQPDWqULDGHOLEHUDOLW]DFLyGHOVVHUYHLV$FRUG0q[LF8(GHGHIHEUHUGH>
(&@2-/
$L[tSHU H[HPSOHO¶$FRUG VREUHPHVXUHVG¶LQYHUVLy YLQFXODGHVDO FRPHUoDSURYDW FRPDDQQH[ HQO¶DFWD ¿QDOGHOVDFRUGV
UHVXOWDQWVGHOD5RQGD8UXJXDLTXHYDQFRPSRUWDUODUHIRUPDGHO¶DFRUGJHQHUDOVREUHFRPHUoLDUDQ]HOV*$77O¶DQ\
6REUH ODTHVWLyGHOV intraBITLGHO GUHWGHOD 8(YHJHX SHUD WRWVBURGSTALLER0DUNXV ©(XURSHDQ/DZ DQG,QYHVWPHQW
7UHDWLHVª-RXUQDORI,QWHUQDWLRQDO$UELWUDWLRQYROQ~PS
6REUH O¶HVWUXFWXUDFRPSHWHQFLDOHQPDWqULD G¶LQYHUVLyHVWUDQJHUDGLUHFWD SRVWHULRUDO¶HQWUDGD HQYLJRUGHO7UDFWDW GH/LVERD
YHJHX HQWUH PROWV G¶DOWUHV BUNGENBERG 0DUF ©7KH 'LYLVLRQ RI &RPSHWHQFHV EHWZHHQ WKH (8 DQG ,WV 0HPEHU 6WDWHV LQ WKH
$UHDRI,QYHVWPHQW3ROLWLFVª$BUNGENBERG0DUFet al.HG,QWHUQDWLRQDO,QYHVWPHQW/DZDQG(8/DZ(XURSHDQ
International Economic Law+HLGHOEHUJ1RYD<RUN'ROGUHFKW/RQGUHV6SULQJHUSDIMOPOULOS$QJHORVEU Foreign
Investment Lawop. cit.SLVHJHQWVEILMANSBERGER7KRPDV©%LODWHUDOLQYHVWPHQWWUHDWLHVDQG(8ODZª&RPPRQ0DUNHW/DZ
ReviewYROQ~PSORTINO)HGHULFRLEECKHOUT3LHW ©7RZDUGVDQ(83ROLF\RQ)RUHLJQ'LUHFW,QYHVWPHQWª
$BIONDI$QGUHDEECKHOUT3LHWLRIPLEY6WHIDQLHHGEU Law after Lisbon2[IRUG2[IRUG8QLYHUVLW\3UHVVS
PASCUAL VIVES)UDQFLVFR-RVp©/RVDFXHUGRV VREUHSURPRFLyQ\SURWHFFLyQUHFtSURFD GHODVLQYHUVLRQHVH[WUDQMHUDV\HO 'HUHFKR
GHOD8QLyQ(XURSHDª5HYLVWD(VSDxRODGH'HUHFKR(XURSHRQ~PSREINISCH$XJXVW©7KH)XWXUH6KDSHRI
(8,QYHVWPHQW$JUHHPHQWVª,&6,'5HYLHZYROQ~PSLVHJHQWVSTRICK3KLOLSShaping the Single European
0DUNHW LQ WKH )LHOG RI )RUHLJQ 'LUHFW,QYHVWPHQW 2[IRUG +DUW 3XEOLVKLQJ TORRENT 5DPRQ ©7KH (8¶V ,QWHUQDWLRQDO
,QYHVWPHQW3ROLF\+DUGZDUHZLWKRXWWKH6RIWZDUHªInvestment Treaty NewsYROQ~PGLVSRQLEOHDKWWSZZZLLVG
RUJLWQWKHHXVLQWHUQDWLRQDOLQYHVWPHQWSROLF\KDUGZDUHZLWKRXWWKHVRIWZDUH!VIDAL PUIG 5DPyQ©7KH6FRSH RI
WKH1HZ([FOXVLYH&RPSHWHQFHRIWKH(XURSHDQ8QLRQZLWK5HJDUGWRµ)RUHLJQ'LUHFW,QYHVWPHQW¶ªop. cit.LWOOLCOCK6WHSKHQ
©(87UDGHDQG,QYHVWPHQW3ROLF\PDNLQJDIWHUWKH/LVERQ7UHDW\ªIntereconomicsYROQ~PS
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 109
/DLQFRUSRUDFLyH[SOtFLWDGHO WHUPH ©LQYHUVLy HVWUDQJHUD GLUHFWDª DOV 7UDFWDWV&RQVWLWXWLXVSHUPHWLD DL[t
PDWHL[VXSHUDUXQDSDUWGHODLQFHUWHVDVREUHHOVjPELWVG¶DFWXDFLyGHOD8QLyLGHOVHVWDWVPHPEUHV0DOJUDW
WRWFRPYHXUHPFRQWLQXHQH[LVWLQWHVSDLVVREUHHOVTXDOVHQFDUDpV FRQWURYHUWLWSUHFLVDUVLOD FRPSHWqQFLD
FRUUHVSRQDOD8(RDOVHVWDWVPHPEUHVRVRWDTXLQDHVWUXFWXUDHVSURGXHL[ODGLVWULEXFLyFRPSHWHQFLDOpV
DGLUVLHVWUDFWDG¶XQDFRPSHWqQFLDH[FOXVLYDGHOD8(FRPVHPEODTXHHVGHGXHL[GHODUHJXODFLySUHYLVWD
HQHO7)8( VREUH OD ©LQYHUVLy HVWUDQJHUD GLUHFWDªHQUHODFLyDPE OD SROtWLFD FRPHUFLDO FRPXQD RVLHQ
UHDOLWDWHQVWUREHPGDYDQWG¶XQDFRPSHWqQFLDFRPSDUWLGD8(HVWDWVPHPEUHVeVFRPDFRQVHTqQFLDGHOD
FRQWLQXwWDWG¶DTXHVWHVjUHHVGLIXPLQDGHVG¶DWULEXFLyFRPSHWHQFLDOTXHV¶HQWpQG¶DSOLFDFLyODMXULVSUXGqQFLD
GHO7-8(IRQDPHQWDGDHQOHV©FRPSHWqQFLHVLPSOtFLWHVªHQDTXHOOVDVSHFWHVVREUHHOVTXDOVOHVSUHYLVLRQV
GHO7UDFWDWGH/LVERDQRKDQDFRWDWDPEVX¿FLHQWFODUHGDWO¶DEDVWGHOVSRGHUVGHOD8(
9DODGLUTXHODLQWHUSUHWDFLyGHOFRQFHSWH©LQYHUVLyHVWUDQJHUDGLUHFWDªMDHVWDYDSUHVHQWHQODMXULVSUXGqQFLD
GHO7ULEXQDOGH-XVWtFLDGHOHV&RPXQLWDWV(XURSHHVDQWHULRUDO¶HQWUDGDHQYLJRUGHO7UDFWDWGH/LVERDLHV
UHIHULD©D TXDOVHYROPHQD G¶LQYHUVLyHIHFWXDGD SHUSHUVRQHV ItVLTXHVR MXUtGLTXHVTXH VHUYHL[LSHU FUHDUR
PDQWHQLUUHODFLRQVGLUHFWHV LGHOODUJDGXUDGDHQWUHHOSURYHwGRUGHOVIRQVLO¶HPSUHVDDODTXDOHVGHVWLQHQ
HOVHVPHQWDWVIRQVSHUDOGHVHQYROXSDPHQWG¶XQDDFWLYLWDWHFRQzPLFDªXQDGH¿QLFLyLQVSLUDGDHQODQRFLy
G¶©LQYHUVLyHVWUDQJHUD GLUHFWDª IRUPXODGD GHVG¶DOWUHV RUJDQLW]DFLRQV LQWHUQDFLRQDOVGHO¶jPELW HFRQzPLF
JOREDOTXHSHUPHWLQWHUSUHWDUHOVWHUPHVDOāOXGLWVDOVDUWLFOHVL7)8(
$OJXQVDFWRUVHVWDWDOV SHUz FRP SHUH[HPSOHHO 7ULEXQDO &RQVWLWXFLRQDO)HGHUDO $OHPDQ\ 7&)$KDQ
SURPRJXW XQD LGHD UHVWULFWLYD G¶DOOz TXH V¶HQWpQ SHU ©LQYHUVLy HVWUDQJHUD GLUHFWDª FRVD TXH LPSOLFDULD
XQVHJXLWGH OLPLWDFLRQV HQ ODFRPSHWqQFLDWUDQVIHULGD D OD 8QLy$L[t ©LQYHUVLy HVWUDQJHUDGLUHFWDªVH
FHQ\LULDDOD IDVHLQLFLDOGH WUDQVIHUqQFLDGHFDSLWDOLG¶HVWDEOLPHQWGHODLQYHUVLy©ODLQYHUVLyTXH VHUYHL[
SHUREWHQLUOD SDUWLFLSDFLyHQHOFRQWUROG¶XQDHPSUHVDªSHUGLUKRHQHOVWHUPHV HQTXqKR IDHO7&)$
SHUzFRPYHXUHPQRLQFRUSRUDULDDOJXQVDVSHFWHVDVVRFLDWVDO¶DFWLYLWDWLQYHUVRUDTXHG¶DFRUGDPEDTXHVWD
SHUVSHFWLYDFRQWLQXDULHQUHWLQJXWVSHUOHVDXWRULWDWVGHOVHVWDWVPHPEUHV
$L[tGH OD FLWDGDSRVLFLy GHO7&)$L GHL[DQW GHEDQGD OD GLVFXWLEOHFLUFXPVWjQFLD TXH VLJXLXQ WULEXQDO
FRQVWLWXFLRQDO G¶XQ HVWDW PHPEUH TXH GH¿QHL[L HOV FRQWRUQV G¶XQD FRPSHWqQFLD H[FOXVLYD DWULEXwGD D OD
8(LGHIRUoDVHFWRUVGHODGRFWULQDHVGHVSUqQTXHODFRPSHWqQFLDUHFRQHJXGDDOD8QLyVREUH©LQYHUVLy
HVWUDQJHUDGLUHFWDªQRLQFORXULDDOPHQ\V DPEFDUjFWHU H[FOXVLXO¶DQRPHQDGDLQYHUVLy©GHportfolioª ROD
LQYHUVLy©GHFDUWHUDªFRQVLVWHQWHQO¶DGTXLVLFLyGHWtWROVHQHOPHUFDWGHFDSLWDOV©VHQVHFDSLQWHQFLyG¶LQÀXLU
HQODJHUqQFLDLHOFRQWUROGHO¶HPSUHVDªjPELWHQHO TXDOHOVHVWDWVHVSRGHQFRQWLQXDUUHVHUYDQW DOJXQHV
DWULEXFLRQVGHUHJXODFLy$L[tPDWHL[OD ©LQYHUVLyHVWUDQJHUD GLUHFWDªWDPSRFQRDIHFWDULDODFRPSHWqQFLD
GHOVHVWDWVHQODFRQ¿JXUDFLyGHOUqJLPGHSURSLHWDWQLHQFRQVHTqQFLDHQODGHWHUPLQDFLyGHOHVJDUDQWLHV
HQUHODFLy DPEOHV LQYHUVLRQVHVWUDQJHUHV HQOD IDVHSRVWHULRU DO¶HVWDEOLPHQWGHODLQYHUVLyFRPHOUqJLP
$L[tKRFRQVLGHUHQHINDELANG6WHIIHQLMAYDELL1LNODV©7KH(8¶V&RPPRQ,QYHVWPHQW3ROLF\±&RQQHFWLQJ WKH'RWVª$
BUNGENBERG0DUFet al.HGInternational Investment Law and EU Lawop. cit.S
$L[t SHUH[HPSOHGHFLVLRQV GHO7-&( &7HVW&ODLPDQWV LQWKH ),, *URXS/LWLJDWLRQ FRQWUD&RPPLVVLRQHUV ,QODQG
Revenue>@(&5 ,SDUjJUDI& Winfried L. Holböck contra Finanzamt Salzburg Land >@(&5,
SDUjJUDIR&&RPLVVLyFRQWUD$OHPDQ\D>@(&5,SDUjJUDI
$L[tHQHOFDVGHO)RQV0RQHWDUL,QWHUQDFLRQDOYHJHX,QWHUQDWLRQDO0RQHWDU\)XQG%DODQFHRI3D\PHQWV0DQXDOSDUjJUDI
GLVSRQLEOHDKWWSVZZZLPIRUJH[WHUQDOSXEVIWERSPDQERSPDQSGI!(QHOFDVGHO¶2UJDQLW]DFLySHUDOD&RRSHUDFLy LHO
'HVHQYROXSDPHQW(FRQzPLFYHJHX2UJDQL]DWLRQIRU(FRQRPLF &RRSHUDWLRQDQG'HYHORSPHQW%HQFKPDUN'H¿QLWLRQRI )RUHLJQ
'LUHFW,QYHVWPHQWGLVSRQLEOHDKWWSZZZRHFGRUJGDILQYLQYHVWPHQWVWDWLVWLFVDQGDQDO\VLVSGI!
6HQWqQFLDGHO7ULEXQDO&RQVWLWXFLRQDO)HGHUDO$OHPDQ\VREUHHO7UDFWDWGH/LVERDBvEGHMXQ\GHSDUjJUDI
IbidemSDUjJUDI
TERHECHTE-|UJ 3KLOLSS©1DWLRQDO&RQVWLWXWLRQDO /DZ/LPLWDWLRQVRQ WKH$GYDQFHPHQWRIWKH (8¶V&RPPRQ&RPPHUFLDO
3ROLF\ªop. cit.S
9HJHXSHUH[HPSOHDIMOPOULOS$QJHORVEU Foreign Investment Lawop. cit.SLVHJHQWVREINISCH$©7KH)XWXUH6KDSH
RI(8 ,QYHVWPHQW$JUHHPHQWVªop. cit. SLVHJHQWV TIETJE&KULVWLDQ ©$XHQZLUWVFKDIWOLFKH'LPHQVLRQGHU HXURSlLVFKHQ
:LUWVFKDIWVYHUIDVVXQJª$ FASTENRATH8OULFK L NOWAK &DUVWHQ HG 'HU /LVVDERQQHU 5HIRUPYHUWUDJbQGHUXQJVLPSXOVH LQ
HLQ]HOQHQ5HFKWVXQG3ROLWLNEHUHLFKHQ%HUOtQ'XQFNHU+XPEORWS
$TXHVWDVHULDODGH¿QLFLyG¶LQYHUVLyportfolioRLQYHUVLy©GHFDUWHUDªVHJRQVHO7ULEXQDOGH-XVWtFLDGHOHV&RPXQLWDWV(XURSHHV
IRUPXODGDHQHOVDIHUVDFXPXODWV&DVRV&L&&RPLVVLyFRQWUD3DwVRV%DL[RV>@(&5,SDUjJUDI
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 110
G¶H[SURSLDFLyRHOUqJLPGHUHVROXFLyGHFRQÀLFWHVHQFDVG¶DIHFWDFLyDODSURSLHWDWGHO¶LQYHUVRUSHUSDUWGH
OHVDXWRULWDWVHVWDWDOV
(QJHQHUDOPHQWUHTXHO¶jPELWG¶DFWXDFLyGHOD8(V¶HVWpQDERQDSDUWGHOVDVSHFWHVYLQFXODWVDO¶DGPLVVLy
LQLFLDO GH OD LQYHUVLy DPE O¶DQRPHQDGD H[FHSFLy GH OD LQYHUVLy ©GH FDUWHUDª R GH O¶DGTXLVLFLy GH EpQV
LPPREOHVSHUSDUWGHSHUVRQHVItVLTXHVSHUD~VSHUVRQDOHOVDVSHFWHVUHODFLRQDWVDPEHOWUDFWDPHQWGHOD
LQYHUVLyHVWUDQJHUDSRVWHULRUDO¶DGPLVVLyFRPODUHIHULGDTHVWLyGHOGUHWGHSURSLHWDW LGHO¶H[SURSLDFLy
DL[tFRPOHVUHJXODFLRQVHVSHFt¿TXHV GHULYDGHVGHOV GLYHUVRVVHFWRUV GHO¶DFWLYLWDWHFRQzPLFDHQOHV TXDOV
HV GHVHQYROXSD OD LQYHUVLy VyQ G¶XELFDFLy FRPSHWHQFLDO PpV FRQWURYHUWLGD $TXHVWHV HVFOHW[HV HQ HO
VLVWHPDGHGLVWULEXFLyFRPSHWHQFLDOHQPDWqULDG¶LQYHUVLRQVWUDoDWSHOVDUWLFOHVL7)8(SHUPHWULHQ
MXVWL¿FDUTXHHOVHVWDWV PHPEUHVPDQWLQJXHVVLQXQDEDVH OHJDOG¶DFWXDFLySHUFRQWLQXDU GHVHQYROXSDQWXQD
SROtWLFDSUzSLDG¶LQYHUVLRQVHQHOFDPSGHOHVJDUDQWLHVSRVWHULRUV DO¶HVWDEOLPHQWGH ODLQYHUVLyLSHUWDQW
HVWUREHVVLQ HQFRQGLFLRQVGH PDQWHQLUHOV UqJLPV GHJDUDQWLHV HQIURQW GHO¶H[SURSLDFLy LGHUHVROXFLy GH
FRQÀLFWHVLQFRUSRUDWVHQHOV%,7FRQFORVRVDPEWHUFHUVHVWDWV$L[tSHUH[HPSOHFRPTXHOD8QLyQRWLQGULD
SRGHUVVREUH OD UHJXODFLyGH OHV FDXVHVG¶H[SURSLDFLyG¶LQYHUVLy HVWUDQJHUD QLVREUH HO VHXSURFHGLPHQW
QLVREUH HOVLVWHPDGH UHVROXFLyGHFRQWURYqUVLHV HQWUHXQ LQYHUVRU HVWUDQJHUL OHV DXWRULWDWVS~EOLTXHV HV
SRGULHQFRQWLQXDU SUHVHUYDQWHOV PHFDQLVPHVG¶DUELWUDWJHLQWHUQDFLRQDO LQYHUVRUSULYDWHVWDW TXHSUHYHXHQ
HOV%,7LTXHIDQUHIHUqQFLDDOHVHVWUXFWXUHVG¶DUELWUDWJHLQWHUQDFLRQDOSUHYLVWHVHQWUDFWDWVPXOWLODWHUDOVFRP
pVHOFDVGHO&RQYHQLVREUHHO&HQWUH,QWHUQDFLRQDOG¶$UUDQMDPHQWGH'LIHUqQFLHVUHODWLYHVD,QYHUVLRQVHQ
HQGDYDQW©&,$',ª,&6,'HQOHVVHYHVVLJOHVHQDQJOqVHQHOPDUFGHO%DQF0XQGLDO
$TXHVWDGLYHUVLWDW FRPSHWHQFLDOHQWUH OD8(L HOVHVWDWV PHPEUHVTXH DODSUjFWLFD HQFRPSWHV G¶DOāOXGLU
DXQD FRPSHWqQFLDH[FOXVLYDGH OD8(PpV DYLDWV¶HPPDUFDHQ XQjPELW GH FRPSHWqQFLDFRPSDUWLGD KD
VLJQL¿FDWTXHHQHOVLVWHPDHXURSHXGHOGUHWG¶LQYHUVLRQVODSROtWLFDGHOD8(KDJLGHFRQYLXUH HQFDUDDPE
O¶H[HUFLFLGHOHVFRPSHWqQFLHVGHOVHVWDWVLTXHDTXHVWDVLWXDFLyJHQHULODQHFHVVLWDWGHEXVFDUYLHVTXHIDFLQ
FRPSDWLEOHO¶DFFLyHXURSHDFRQMXQWDDPEO¶DFFLyELODWHUDOGHOVHVWDWVPHPEUHV
3.1 Les institucions de la UE i els acords d’inversió després de Lisboa
/DSULPHUDFRQVHTqQFLDGLUHFWD GHO¶H[SOtFLWDDWULEXFLyGHODFRPSHWqQFLDDOD8(GHOD PDWqULD©LQYHUVLy
HVWUDQJHUDGLUHFWDªHVUHIHUHL[GRQFVDODFUHL[HQWLPSOLFDFLyGHOHVLQVWLWXFLRQVGHOD8(HQODQHJRFLDFLyL
FRQFOXVLyG¶DFRUGVG¶LQYHUVLyDPEWHUFHUVHVWDWVLHQFRQVHTqQFLDDOGHVSOHJDPHQWG¶XQDSROtWLFDG¶LQYHUVLRQV
HQHOSODHXURSHX'¶HQojGHO¶HQWUDGDHQYLJRUGHO7UDFWDWGH/LVERDO¶HVWUDWqJLDGHOHVDXWRULWDWVGHOD8QLy
FRQVLVWHL[DQHJRFLDU DFRUGV JOREDOV GHFRPHUoGH FDUjFWHU ELODWHUDO HQHOVTXDOV V¶LQFORXHQ GLVSRVLFLRQV
UHODWLYHVD LQYHUVLRQV 8QH[HPSOH HO WLQGUtHPHQHO SULPHUGHOVDQRPHQDWV WUDFWDWV GHOOLXUH FRPHUo ©GH
QRYDJHQHUDFLyªHQUHIHUqQFLDDOIHWG¶KDYHUHVWDWFRQFORVRVDPESRVWHULRULWDWDOHVUHIRUPHVLQWURGXwGHVSHO
7UDFWDWGH/LVERDFRPVHULDHO7UDFWDWGH/OLXUH&RPHUoHQWUHOD8QLy(XURSHDLOD5HS~EOLFDGH&RUHDHQ
HOTXDOHVSUHYHXHQGLVSRVLFLRQVUHODWLYHVDLQYHUVLyHQUHODFLyDPEODOOLEHUWDWG¶HVWDEOLPHQW
VIDAL PUIG5DPyQ©7KH 6FRSHRI WKH1HZ ([FOXVLYH&RPSHWHQFH RIWKH (XURSHDQ8QLRQ ZLWK5HJDUG WRµ)RUHLJQ 'LUHFW
,QYHVWPHQW¶ªop. cit.S
(OUqJLPGHOGUHWGHSURSLHWDWHVUHVHUYDDOVHVWDWVPHPEUHVG¶DFRUGDPEO¶DUWLFOH7)8(SHUEpTXHIRUoDPHVXUHVFRQWLQJXGHV
HQHOGUHWGHOD8(WHQHQLQFLGqQFLDHQODFRQ¿JXUDFLyGHOGUHWGHSURSLHWDWGHPDQHUDTXHHVSRWD¿UPDUTXHDOPHQ\VHQVWUREHPHQ
jPELWGHFRPSHWqQFLDFRPSDUWLGD9HJHXORTINO)HGHULFRLEECKHOUT3LHW©7RZDUGVDQ(83ROLF\RQ)RUHLJQ'LUHFW,QYHVWPHQWª
$BIONDI$QGUHDEECKHOUT3LHWLRIPLEY6WHIDQLHHGEU Law after Lisbonop. cit.S(OUqJLPGHOGUHW GHSURSLHWDW
DWULEXwWDOVHVWDWVPHPEUHVQR KDHVWDWREVWDFOHSHUTXqHO7-&( KDJLDGPqVTXHGHWHUPLQDGHVPHVXUHVFRQWLQJXGHV HQHOGUHWGHOD
8(TXHDIHFWDYHQHOGUHWGHSURSLHWDWQRYXOQHUDYHQHOVLVWHPDGHGLVWULEXFLyFRPSHWHQFLDO$L[tSHUH[HPSOHVREUHODFRPSDWLELOLWDW
HQWUHOHVPHVXUHVGHOVHVWDWV PHPEUHVUHJXODGRUHVGHOUqJLPG¶DGTXLVLFLy GHODSURSLHWDWLPPRELOLjULDL OHVGLVSRVLFLRQVGHGUHWGH
OD8(UHODWLYHVDOPRYLPHQWGHFDSLWDOVYHJHX ODUHVROXFLyGHO7ULEXQDOGH-XVWtFLD&Ospelt contra Schlössle Weissenberg
Familienstiftung>@ (&5, SDUjJUDI LVREUH HOGUHW GHSURSLHWDW LQGXVWULDOYHJHX 67-&(& &RQVHOOFRQWUD
Espanya >@(&5,SDUjJUDIV
VIDAL PUIG5DPyQibidemS
&RQYHQLVREUHO¶$UUDQMDPHQWGH'LIHUqQFLHVUHODWLYHVD,QYHUVLRQVHQWUHHVWDWVLQDFLRQDOVG¶DOWUHVHVWDWVIHWD:DVKLQJWRQHO
GHPDUoGH
9HJHXHOFDStWRO9,,GHO7UDFWDWGH/OLXUH&RPHUoHQWUHOD8QLy(XURSHDLOD5HS~EOLFDGH&RUHD8(/'HFLVLy
GHO&RQVHOOGHGHVHWHPEUHGH
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 111
3HUEpTXHODTHVWLy pVVHFXQGjULD HQOD QRVWUDDQjOLVLQRpVVREUHU UHPDUFDUTXH ODSROtWLFD G¶LQYHUVLRQV
HXURSHDHV FRQFUHWDHQ HOPDUFGHWUDFWDWVGHOOLXUHFRPHUoLQRHQWUDFWDWVELODWHUDOVHVSHFt¿FVG¶LQYHUVLy
DGLIHUqQFLDG¶DOOzTXHKDHVGHYLQJXWODSUjFWLFDGHOVHVWDWVPHPEUHVLV¶DSRVWDGHFLGLGDPHQWSHUHVWDEOLU
UHODFLRQVELODWHUDOVWRWGHL[DQWDOPDUJHIzUXPVJOREDOVFRPO¶2UJDQLW]DFLy0XQGLDOGHO&RPHUo$TXHVWpV
HOFDPtTXHWDPEpHVUHFRUUHUjHQODWHUFHUDIDVHGHOHVDFWXDFLRQVHXURSHHVHQPDWqULDG¶LQYHUVLRQVTXHHV
PDWHULDOLW]DUDQDPEODQHJRFLDFLyG¶DFRUGVELODWHUDOVDPEHO&DQDGjDPE6LQJDSXURDPEHOV(VWDWV8QLWV
&RPWRWVHJXLWDSXQWDUHPODGLIHUqQFLDSULQFLSDOHQWUHHOVDFRUGVGHODWHUFHUDIDVHLHOVGHODVHJRQDFRPHQ
HOFDVGHO7UDFWDWDPE&RUHDpVTXHHQODWHUFHUDIDVHQRWDQVROVHVSUHYHXUDQFDStWROVHVSHFt¿FVGHGLFDWVD
LQYHUVLRQVLGHVOOLJDWVGHOHVOOLEHUWDWVFRPHUFLDOVVLQyTXHWDPEpHVSUHYHXUDQPHFDQLVPHVGHUHVROXFLyGH
FRQÀLFWHVLQYHUVRUHVWDWTXHHUHQDEVHQWVHQODUHJXODFLyDQWHULRU¿QVLWRWHQHOFDVG¶DFRUGVDSURYDWVGHVSUpV
GHO¶HQWUDGDHQYLJRUGHO7UDFWDWGH/LVERDTXHQRPpVSUHYHLHQPHFDQLVPHVGHUHVROXFLyGHFRQÀLFWHVHQWUH
SRGHUVS~EOLFVSHUH[HPSOH8(WHUFHUHVWDW
3.2 Manteniment dels BIT entre els estats membres i tercers estats
/DVHJRQDVLWXDFLyUHODWLYDDOGHVHQYROXSDPHQWGHOGUHWG¶LQYHUVLRQV HQHOQRXPDUFFRPSHWHQFLDOHXURSHX
HVUHIHUHL[ DOPDQWHQLPHQW GHOD SROtWLFDG¶LQYHUVLRQV GHOVHVWDWV PHPEUHVFRQFUHWDGD HQOD FRQWLQXwWDWHQ
ODYLJqQFLDGHOVHXV%,7 FRQFORVRV DPE WHUFHUV HVWDWV (Q OD PHVXUD HQ TXq HOV HVWDWV PHPEUHV UHWHQHQ
FRPSHWqQFLHVHQ PDWqULDG¶LQYHUVLRQVFRP V¶HVGHYpHQOD FRQ¿JXUDFLyGHO GUHW GHSURSLHWDW HQHOUqJLP
G¶H[SURSLDFLyRHQ HO UqJLP GH VROXFLyGHFRQÀLFWHV GHULYDWV GH OHVDFWXDFLRQVHVWDWDOV VREUH OD LQYHUVLy
HVWUDQJHUDHOV LQVWUXPHQWVGH GUHWLQWHUQDFLRQDO S~EOLFUDWL¿FDWV SHOVHVWDWV SUHVHUYHQOD VHYDRSHUDWLYLWDW
$TXHVWDFLUFXPVWjQFLDG¶DOWUDEDQGDQRHVYHXUjDOWHUDGDHQHOVXSzVLWTXHOD8(QRGHVSOHJXLXQDSROtWLFD
G¶LQYHUVLRQVHQUHODFLyDPEXQHVWDWFRQFUHWQLWDPSRFVLJQL¿FDUjODSOHQDVXEVWLWXFLyGHOV%,7HVWDWDOVSHOV
DFRUGVHQWUHOD8(LHOPDWHL[HVWDWDPEHOTXDOO¶HVWDWPHPEUHKDJXpVFRQFOzVXQ %,73HUTXqHVSURGXtVDL[z
GDUUHUV¶H[LJLULDXQDFRPSOHWDFRLQFLGqQFLDGHVXEMHFWHLPDWqULDUHJXODGDHQWUHHOV%,7 HVWDWDOVLHOVDFRUGV
8(TXHSHUPHWpVHQWHQGUHTXHV¶KDSURGXwWXQDVXEVWLWXFLyG¶XQWUDFWDWSHUXQDOWUHVHJRQVOD&RQYHQFLyGH
9LHQDGH'UHWGHOV7UDFWDWVREpTXHHO%,7HQWUHO¶HVWDWPHPEUHLHOWHUFHUHVWDWDPEHOTXDOOD8(WDPEp
PDQWpXQDFRUGKDJLHVWDWWHUPLQDW
(OV%,7GHOVHVWDWVPHPEUHVFRQWLQXDUDQYLJHQWV GRQFVUHVSHFWHD WRWVDTXHOOVHVWDWVDPEHOVTXDOVOD8(
QRKDJLFRQFOzVFDSDFRUGLWDPEpHQDTXHOOVFDVRVHQHOVTXDOVKLKDJLDVSHFWHVUHJXODWVSHO%,7TXHQRHV
SUHYHJLQHQO¶DFRUG8(WHUFHUHVWDW(QDTXHVWGDUUHUVXSzVLWV¶LQFORXHOFDVTXHHO%,7HQWUHXQHVWDWPHPEUH
LHOWHUFHUHVWDWFRQWLQJXLFOjXVXOHVGHSURWHFFLyDEVROXWDGHODLQYHUVLyHQIURQWG¶H[SURSLDFLyRULVFRVSROtWLFV
RTXHIDFLUHIHUqQFLDDXQSURFpVGHUHVROXFLyGHGLVSXWHVLQYHUVRUHVWDWTXHMDKHPYLVW¿QVDUDDEVHQWHQHOV
DFRUGV8(
/¶HQWUDGDHQ YLJRU GHO 7UDFWDW GH /LVERD L OD FRQFOXVLy G¶DOJXQV DFRUGV DPE WHUFHUV HVWDWV SHU SDUW GH
OHVDXWRULWDWV GH OD8(KDQ UHFODPDW O¶DGRSFLyGHPHVXUHV TXH FRQ¿UPLQOD FRPSDWLELOLWDW HQWUHHOUqJLP
G¶LQYHUVLRQVHQHOPDUFHXURSHXLHOUqJLPG¶LQYHUVLRQVGHOVHVWDWVPHPEUHV$TXHVWHVPHVXUHVLPSXOVDGHV
SHUOHVLQVWLWXFLRQV HXURSHHVUHSUHVHQWHQXQUHFRQHL[HPHQWGH ODSHUYLYqQFLDGHOHVFRPSHWqQFLHV HVWDWDOV
HQODPDWqULDMDTXHVLHIHFWLYDPHQWODFRPSHWqQFLDVREUHLQYHUVLyHVWUDQJHUDGLUHFWDIRV©H[FOXVLYDªGHOD
8(HQHOPDUFGHODSROtWLFDFRPHUFLDOFRPXQDVHULDFRQWUjULDDOGUHWGHOD8(TXDOVHYRODFFLyHVWDWDOHQFDUD
TXHQRKLKDJXpVFDSFROāOLVLyDFWXDOHQWUHHOGUHWHVWDWDO LHOGUHWGHOD8(RTXHOD8(QL WDQVROVKDJXpV
H[HUFLWODVHYD FRPSHWqQFLD(QXQDOWUHVHQWLW FRPYHXUHPOD UHJXODFLyJHQHUDOVREUHODFRPSDWLELOLWDW
HQWUHO¶DFFLyGHOD8(LO¶DFFLyGHOVHVWDWPHPEUHVD WUDYpVGHOVVHXV%,7DPEWHUFHUVHVWDWVUHJLWVSHUGUHW
LQWHUQDFLRQDOS~EOLFUHSUHVHQWD XQLQWHQWG¶HYLWDU TXHODFRQÀLFWLYLWDWSURGXwGDSHUODFRQYLYqQFLDGHOV GRV
$UWLFOHGHOD&RQYHQFLyGH9LHQDVREUH'UHWGHOV7UDFWDWVGHGHPDLJGH
(Q ODUHODFLy HQWUHHOVDFRUGV 8(WHUFHUHVWDW LHOV %,7HVWDWPHPEUHWHUFHU HVWDWFDOWHQLU SUHVHQWTXH O¶DFRUGHQWUH OD8(L
6LQJDSXUHQFDUDSHQGHQWGHUDWL¿FDFLySUHYHXODWHUPLQDFLyDXWRPjWLFDGHOV%,7FHOHEUDWVSHOVHVWDWVPHPEUHVDPEDQWHULRULWDW
$L[tYHJHXO¶RSLQLy GHO¶DGYRFDWJHQHUDO7L]]DQR DODVqULHGHOV &HOVREHUWV>@(&5 ,SDUjJUDIVO¶RSLQLy
GHO¶DGYRFDWJHQHUDO0DGXURDO&DV &RPLVVLyFRQWUD¬XVWULD>@(&5 ,LHO&DV&RPLVVLy FRQWUD6XqFLD
>@(&5 , SDUjJUDI (Q HO PDWHL[VHQWLW YHJHX CREMONA 0DULVH©'HIHQGLQJ WKH &RPPXQLW\ ,QWHUHVWWKH 'XWLHV
RI &RRSHUDWLRQ DQG &RPSOLDQFHª$ CREMONA 0DULVH L DE WITTE%UXQR HG (8 )RUHLJQ 5HODWLRQV /DZ²&RQVWLWXWLRQDO
Fundamentals2[IRUG3RUWODQG+DUW3XEOLVKLQJS
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 112
UqJLPVKDJLGHVHUUHVROWDFDVSHUFDVGDYDQWGHO7-8(FRPKDVXFFHwWHQHOSDVVDW)LQDOPHQWFDOGHVWDFDU
TXHODSUHRFXSDFLySHUGHWHUPLQDUH[DFWDPHQWHOUqJLPDSOLFDEOHUHSUHVHQWDXQGHOVLPSHUDWLXVFDEGDOVHQXQD
PDWqULDFRPpVHOGUHWG¶LQYHUVLRQVTXHGHSqQGHIRUPDGHFLVLYD GHODFDSDFLWDWGHSURSRUFLRQDUVHJXUHWDW
MXUtGLFDSHUDWUHXUHFDSLWDOV6HULDXQDSDUDGR[DTXHO¶jUHDGHOPyQTXHPpVÀX[GHFDSLWDOVJHQHUDDWUDYpV
GHOD LQYHUVLySUHVHQWpV ODPpV JUDQLQFHUWHVD VREUHHO GUHWDSOLFDEOH SHUHIHFWH GHODFRQYLYqQFLDHQWUHHO
UqJLPGHOVHVWDWVLHOUqJLPGHOD8(
3.3 Mesures de compatibilitat entre la política d’inversions de la UE i la política d’inversions dels
estats membres
/DSULPHUD PHVXUDD WHQLUHQ FRPSWHSHU DVVHJXUDUODFRKHUqQFLDHQWUHOD SROtWLFDG¶LQYHUVLRQV GHOVHVWDWV
PHPEUHVLOD TXH GHVSOHJD OD 8( pV TXHHOVDFRUGV DVVROLWV SHU DTXHVWD L XQ WHUFHUHVWDWQRUPDOPHQW HV
QHJRFLHQFRPDDFRUGVPL[WRV8(HVWDWVPHPEUHV$L[tGRQFVHQVWUREHPGDYDQWGHWUDFWDWVLQWHUQDFLRQDOV
HQHOV TXDOVWDPEp HOVHVWDWVPHPEUHV VyQSDUW$TXHVWDHUD ODIyUPXOD VXJJHULGDSHOPDWHL[7&)$HQ HO
VHXMXGLFLVREUHHO7UDFWDWGH/LVERDTXDQHQDQDOLW]DU O¶DVVXPSFLyGH FRPSHWqQFLHVGH OD8(HQPDWqULD
G¶©LQYHUVLyHVWUDQJHUDGLUHFWDªLHQFRQVWDWDUTXHUHVWDYHQHQFDUDHQPDQVGHOVHVWDWVPHPEUHVXQYHQWDOOGH
FRPSHWqQFLHVDPELQFLGqQFLDVREUHODPDWqULDUHPDUFDYDTXHXQDFRUGGHOD8(TXHDIHFWpVjPELWVDWULEXwWV
DOVHVWDWV FRPHO UHODWLXDO UqJLPGH SURWHFFLyG¶LQYHUVLRQV KDXULDGH VHUFRQFOzV FRPD DFRUGPL[W/D
SUjFWLFDGHOVDFRUGVPL[WHVTXHQRHUDGHVFRQHJXGDHQO¶DFFLyH[WHULRUGHOHVLQVWLWXFLRQVFRPXQLWjULHVDEDQV
GHO¶HQWUDGDHQYLJRUGHO7UDFWDWGH/LVERDKDHVWDWJHQHUDOLW]DGDDPESRVWHULRULWDWDDTXHVWDGDWDLHQHIHFWH
FDUDFWHULW]DHOVDFRUGVGHOOLXUHFRPHUoHQHOVTXDOVV¶LQFORXHQSUHFHSWHVUHODWLXVDLQYHUVLRQVDL[tV¶HVGHYp
HQHOMDHVPHQWDWDFRUGGHOOLXUHFRPHUoDPEOD5HS~EOLFDGH&RUHD
/DVHJRQDFRQVLGHUDFLyTXHSHUPHW DYDQoDUHQHOGHVSOHJDPHQWG¶XQD SROtWLFDG¶LQYHUVLRQVFRKHUHQWHQWUH
OD8( LHOV HVWDWVPHPEUHVpVQDWXUDOPHQWHO PDWHL[SURFHGLPHQW G¶DSURYDFLyGHOV DFRUGVHQHO TXDOFDO
XQFRQVHQWLPHQWPDMRULWDULGHOVHVWDWVHQHO&RQVHOOeVFHUW TXHWUDFWDQWVHG¶DVSHFWHVG¶LQYHUVLyLQFORVRV
HQWUDFWDWVGHOOLXUHFRPHUoLDWHQRUGHOFDUjFWHU H[FOXVLXGHOD FRPSHWqQFLDGHOD8QLyLGHOSURFHGLPHQW
G¶DSURYDFLyTXHVHJRQVO¶DUWLFOH7)8(H[LJHL[OHVPDWHL[HVPDMRULHVHQO¶jPELWGHO¶DFFLy H[WHULRU
TXHHQO¶jPELWLQWHUQVHULDSRVVLEOHFRQFORXUHXQDFRUGDPEXQWHUFHUHVWDWDPEWDQVROVPDMRULDTXDOL¿FDGD
GHOVHVWDWVPHPEUHV $OWUDPHQWGLWHV SHUPHWULD TXH V¶DSURYpV XQ WUDFWDWHQ PDWqULD G¶LQYHUVLRQV FRQWUD
ODYROXQWDW G¶DOJXQHVWDW PHPEUH'¶XQDEDQGD SHUzOD SUjFWLFDHQV DVVHQ\DODTXHDTXHVW HVFHQDULQR HV
SURGXHL[PDLMDTXHHOVLQVWUXPHQWVGHO¶DFFLyH[WHULRUGHOD8(VHPSUHVyQDFRUGDWVSHUXQDQLPLWDW LGH
O¶DOWUDKLKDPDWqULHVFRPSHWHQFLDOVTXHSRGHQLQFLGLUHQHOUqJLPG¶LQYHUVLRQVFRPODSURSLHWDWLQWHOāOHFWXDO
HOUqJLPGHOHVTXDOVFDOTXHVLJXLFRQVHQWLWSHUWRWVHOVHVWDWVPHPEUHVWDQWHQODGLPHQVLyLQWHULRUFRPHQ
ODGLPHQVLyH[WHULRU(QGH¿QLWLYDO¶DSURYDFLySHUXQDQLPLWDWGHODUHSUHVHQWDFLyGHOVHVWDWVPHPEUHVHQHO
&RQVHOOEpSHO GHVHQYROXSDPHQWHQODSUjFWLFDGH ODFRQFOXVLyGH WUDFWDWVGHPDWqULDHFRQzPLFDR EpSHU
UHTXHULPHQWVSURFHGLPHQWDOVHQODPHVXUDTXHV¶KLWUREHQDIHFWDGHVPDWqULHVYHWDGHVDODUHJODGHODPDMRULD
TXDOL¿FDGDFRQWULEXHL[ DO IHWTXH QR KLKDJL PDVVD GLYHUJqQFLHVHQWUH O¶DFFLy GHFDGDVFXQ GHOV HVWDWVHQ
DVSHFWHVUHODWLXVDODLQYHUVLyHVWUDQJHUDLODYROXQWDWH[SUHVVDGDSHUODUHSUHVHQWDFLyHVWDWDODOHVLQVWLWXFLRQV
GHOD8(TXHFRQVHQWHQO¶DFFLyFRQMXQWD
)LQDOPHQWFRPMDKHPLQVLQXDWOHVPDWHL[HVLQVWLWXFLRQVGHOD8(KDQSUHYLVWTXHHOSHUtRGHG¶LPSOHPHQWDFLy
GHOHVSROtWLTXHVG¶LQYHUVLyDPEWHUFHUVHVWDWVRRUJDQLW]DFLRQVGHO¶jPELWHFRQzPLFVLJXLGLODWDWHQHOWHPSV
LKDQRSWDWSHU FRQVWUXLU XQ UqJLP SURYLVLRQDO TXH PLQLPLW]L OHV FRQWUDGLFFLRQV DPE HOV %,7GHOVHVWDWV
PHPEUHV$TXHVWDpVO¶HVWUXFWXUDTXHHVGHULYDGHO5HJODPHQW8(Q~PHURGHO3DUODPHQW(XURSHX
LGHO&RQVHOOGHGHGHVHPEUHSHOTXDOV¶HVWDEOHL[HQGLVSRVLFLRQVWUDQVLWzULHVVREUHHOVDFRUGVELODWHUDOV
$L[t V¶HVGHYLQJXpHQ OHVGHFLVLRQV GHOV7ULEXQDO GH-XVWtFLD GHOD 8QLy&DV &RPLVVLy FRQWUD¬XVWULD >@ (&5
,&DV&RPLVVLyFRQWUDHO5HJQHGH6XqFLD>@(&5,L&DV&RPLVVLyFRQWUD)LQOjQGLD>@(&5
,(QWRWVHOOVHO7-8(YDDSUHFLDUODLQFRPSDWLELOLWDWDPEHOGUHWGHOD8(GHOVWUDFWDWVELODWHUDOVG¶LQYHUVLyTXHPDQWHQLHQHOV
HVWDWVGHPDQGDWVDPEWHUFHUVHVWDWV6REUHDTXHVWHVGHFLVLRQV YHJHXDÍEZ-HOCHLEITNER-DYLHU©(OLQFLHUWRIXWXURGHORV$FXHUGRV
GH%LODWHUDOHV GH,QYHUVLyQª 5HYLVWD(VSDxROD GH'HUHFKR(XURSHR Q~P S LGHOURI $KPDG$OL©5HVROYLQJ
,QFRPSDWLELOLWLHVRI%LODWHUDO,QYHVWPHQW7UHDWLHVRIWKH(80HPEHU6WDWHVZLWKWKH(&7UHDW\,QGLYLGXDODQG&ROOHFWLYH2SWLRQVª
European Law JournalYROQ~PS
6HQWqQFLDGHO7ULEXQDO&RQVWLWXFLRQDO)HGHUDO$OHPDQ\VREUHHO7UDFWDWGH/LVERDBvEGHMXQ\GHSDUjJUDI
9HJHXTERHECHTE-|UJ3KLOLSS©1DWLRQDO&RQVWLWXWLRQDO/DZ/LPLWDWLRQVRQWKH$GYDQFHPHQWRIWKH(8¶V&RPPRQ&RPPHUFLDO
3ROLF\ªop. cit.S
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 113
G¶LQYHUVLyHQWUHHOV HVWDWV PHPEUHV L WHUFHUVSDwVRV$L[t HO SULQFLSLJHQHUDOGHO 5HJODPHQW
FRQVLVWHL[DGHFODUDU HOPDQWHQLPHQW HQYLJRUGHOV %,7GHOVHVWDWVPHPEUHVFRQFORVRV DPEXQWHUFHUHVWDW
DPEO¶REOLJDFLySHUSDUWGHO¶HVWDWPHPEUHGHQRWL¿FDUDOD&RPLVVLyO¶H[LVWqQFLDG¶DTXHVWVDFRUGVFRQFORVRV
DPEDQWHULRULWDWTXHOD8(DVVXPtVFRPSHWqQFLHVHQPDWqULDG¶©LQYHUVLyHVWUDQJHUDGLUHFWDª/DQRWL¿FDFLy
SHUPHWDYDOXDUDOD&RPLVVLyVLHO%,7YLJHQWGHO¶HVWDWPHPEUHDPEHOWHUFHUHVWDWVXSRVDXQREVWDFOHVHULyV
SHUD ODQHJRFLDFLy LFHOHEUDFLy SHUOD 8QLyG¶XQ DFRUGG¶LQYHUVLy DPEHO PDWHL[WHUFHU HVWDW7RWVHJXLQW
GRQFVHOUDVWUHGHO GHXUHGHFRRSHUDFLyTXH HOV7UDFWDWV&RQVWLWXWLXVKDQSUHYLVWVREUHFRPIHUFRPSDWLEOH
OHVREOLJDFLRQVLQWHUQDFLRQDOVG¶XQHVWDWPHPEUHFRQWUHWHVDEDQVGHODVHYDDGKHVLyDPEHOGUHWGHOD8(
HO5HJODPHQWHVWDEOHL[TXHHOVHVWDWVPHPEUHVDGRSWDUDQOHVPHVXUHVQHFHVVjULHVSHUJDUDQWLUTXH
HOV%,7TXHPDQWHQHQHQYLJRUDPEWHUFHUVHVWDWVQRREVWDFXOLW]DUDQHOGHVSOHJDPHQWGHO¶DFFLyGHOD8(HQ
PDWqULDG¶LQYHUVLRQV(QSDUWSHUDTXHVWPRWLXSHUO¶HYHQWXDOQHFHVVLWDWGHWRUQDUDQHJRFLDUHO%,7SHUSDUW
GHO¶HVWDWPHPEUH SHUDGDSWDUORDOGUHWGHOD 8(RSHU DFRUGDUODVHYD WHUPLQDFLyHOFLWDW PDUFQRUPDWLX
SUHYHXTXHOD&RPLVVLySRGUjDXWRULW]DULIHUVHJXLPHQWGHO¶DFFLyGHO¶HVWDWPHPEUHWHQGHQWDPRGL¿FDUHO
%,7$L[zQRREVWDQWHQHO5HJODPHQWWDPSRFQRHVGHVFDUWDTXHOD&RPLVVLyDXWRULW]LO¶HVWDW
PHPEUH D REULU QHJRFLDFLRQV L FHOHEUDU XQ QRX %,7 DPE XQ WHUFHU HVWDW FRVD TXH FHUWL¿FD OD FDSDFLWDW
GHOVHVWDWV PHPEUHV GH FRQWLQXDUGHVHQYROXSDQW XQD SROtWLFDG¶LQYHUVLRQVSUzSLD PDOJUDW ODUHGLVWULEXFLy
FRPSHWHQFLDORSHUDGDDPEHO 7UDFWDW GH /LVERD WRW LTXHFRQGLFLRQDGDDO FRQVHQWLPHQW GH OD &RPLVVLy
L D OD SRVVLELOLWDW TXH DTXHVWD HVWLJXL LQIRUPDGD GHO GHVHQYROXSDPHQW GH OHV QHJRFLDFLRQV L ¿QV L WRW KL
SDUWLFLSL$TXHVWGDUUHUVXSzVLWHVWjSUREDEOHPHQWFRQFHEXWSHUODFLUFXPVWjQFLDTXHO¶HVWDWPHPEUHYXOJXL
FRQFORXUHXQWUDFWDWHQPDWqULDG¶LQYHUVLRQVDPE XQHVWDWDPE HOTXDOOD8(QLPDQWpXQDFRUGG¶DTXHVWHV
FDUDFWHUtVWLTXHVQL WpSUHYLVLy G¶REULUXQD QHJRFLDFLyVREUHODTHVWLyHQ HOIXWXU LPPHGLDW(O 5HJODPHQW
SUHYHXGRQFVXQWULSOHUqJLPVREUHHOV%,7GHOVHVWDWVPHPEUHVFRQFORVRVDPEXQWHUFHUHVWDW
VHJRQVVLYDQVHUVLJQDWV DEDQV GH O¶ GH GHVHPEUH GH GDWD G¶HQWUDGD HQ YLJRU GHO 7UDFWDWGH
/LVERDRDEDQVGHO¶DGKHVLyGHO¶HVWDWPHPEUHDOD8(SHUDOVHVWDWVTXHKRIDFLQDPESRVWHULRULWDWDO¶GH
GHVHPEUHGHVLYDQVHUVLJQDWVHQWUHO¶GHGHVHPEUHGHLHOGHJHQHUGHGDWDG¶HQWUDGD
HQYLJRUGHO5HJODPHQWR VLYDQVHUVLJQDWVDPESRVWHULRULWDWDOGHJHQHUGH$L[t
ODFDSDFLWDWG¶LQWHUYHQFLyGHOD&RPLVVLySHUDVVHJXUDUODFRPSDWLELOLWDWHQWUHHO%,7LHOGUHWGHOD8(DL[t
FRPODFRPSDWLELOLWDWGHO%,7DPEODSROtWLFDG¶LQYHUVLRQVGHVHQYROXSDGDSHUOD8(HQUHODFLyDPEXQWHUFHU
HVWDWpVPDMRU HQHOVJUXSV VHJRQLWHUFHU TXHHQHO SULPHUHOTXDOFRPGLHPLDEDQGDGHO¶REOLJDFLyGH
QRWL¿FDFLyHVWUREDVXEMHFWHDXQDUHJXODFLyVLPLODUDODSUHYLVWDVREUHHOVWUDFWDWVLQWHUQDFLRQDOVGHOVHVWDWV
PHPEUHVFRQFORVRVDPEDQWHULRULWDWDODVHYDDGKHVLyDOD8(
0DOJUDWOHVSUHFLVLRQVLQWURGXwGHVSHO5HJODPHQWLVHPSUHVHQVSHUMXGLFLGHOVSURFHGLPHQWVTXH
DVVHJXUHQO¶H¿FjFLD GHOGUHWGH OD8( FRPHOUHFXUV G¶LQFRPSOLPHQWGDYDQW GHO7-8(OHV LQGH¿QLFLRQV
FRPSHWHQFLDOVTXHSHUPHWHQDXQHVWDWFRQWLQXDUFRQFORHQWDFRUGVHQPDWqULDG¶LQYHUVLRQVLOHVYDFLOāODFLRQV
LHOV UHWDUGV GH OD8(D O¶KRUD GHGHVHQYROXSDUOD VHYD SROtWLFD G¶LQYHUVLRQVSUzSLD DL[t FRP HOFDUjFWHU
LQGHWHUPLQDWTXHDIHFWDHOVPHFDQLVPHVTXHSHUPHWHQDVVHJXUDUODFRKHUqQFLDHQWUHHOVGRVQLYHOOVGHJRYHUQ
FRPV¶HVGHYpDPE ODFRQFHVVLyRQRGH O¶DXWRULW]DFLyGHQHJRFLDFLy GH%,7HVWDW PHPEUHWHUFHUHVWDWSHU
SDUWGH OD&RPLVVLyWDO FRPHVSUHYHX DOPDWHL[ 5HJODPHQW QR LPSHGHL[HQ TXHHV SODQWHJLQ
FRQWUDGLFFLRQVHQ PDWqULDG¶LQYHUVLy HVWUDQJHUDGLUHFWD TXHHQ HOIRQV GHULYHQGHOV PDWHL[RVGq¿FLWV TXH
2-/3HUDXQFRPHQWDULVREUHHO5HJODPHQWYHJHXPASTOR PALOMAR$QWRQLR©/DDSOLFDFLyQ
SUiFWLFDGHO5HJODPHQWR8(Q VREUHORVDFXHUGRVELODWHUDOHVGHLQYHUVLyQHQWUH (VWDGRVPLHPEURV\WHUFHURVSDtVHVª
5HYLVWD*HQHUDOGH'HUHFKR(XURSHRQ~PS
$UWLFOHGHO5HJODPHQW
$L[tDQWLFDUWLFOHGHO7UDFWDW&RQVWLWXWLXGHOD&RPXQLWDW(XURSHDDVSHFWHDYXLUHJXODWDO¶DUWLFOH7)8(
$UWLFOHGHO5HJODPHQW
$UWLFOHGHO5HJODPHQW
$UWLFOHGHO5HJODPHQW
9HJHXLAVRANOSSHUDXQDFRQWXQGHQWFUtWLFDDPEHOUqJLPGHO5HJODPHQW8(DWHVDVHJRQVO¶DXWRUODLQQHFHVVjULD
LQWURPLVVLyGHOHV DXWRULWDWVGH OD8(HQ HOUqJLP G¶LQYHUVLRQVGHOVHVWDWV PHPEUHVD WUDYpVGHOV%,7 TXHSURSRUFLRQDYHQFHUWHVD
DO¶LQYHUVRU GHO WHUFHU HVWDWLAVRANOS 1LNRV©,Q 'HIHQFH RI0HPEHU 6WDWH¶V %,7V*ROG 6WDQGDUG7KH 5HJXODWLRQ
(VWDEOLVKLQJD7UDQVLWLRQDO5HJLPHIRU([LVWLQJ([WUD(8%,7V±D0HPEHU6WDWH¶V3HUVSHFWLYHª7UDQVQDWLRQDO'LVSXWH0DQDJHPHQW
YROQ~PSGLVSRQLEOHDZZZWUDQVQDWLRQDOGLVSXWHPDQDJHPHQWFRP!
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 114
DFODSDUHQO¶DFFLyH[WHULRUGHOD8(LODVHYDKDUPRQLD DPEO¶DFFLyH[WHULRUGHOVHVWDWVPHPEUHVHQWRWVHOV
jPELWV
3.4 Conseqüències i possibles tensions de la transferència de competències a la UE en matèria
d’inversions i la política exterior dels estats membres
4XHHOVDVSHFWHVGHULYDWVGHOGUHWG¶LQYHUVLRQVLHOVLVWHPDGHUHODFLRQVLQWHUQDFLRQDOVKDQDQDWKLVWzULFDPHQW
IRUoD YLQFXODWV HV GHPRVWUD SHU H[HPSOH DPE HO IHW TXH DOJXQV %,7 V¶HPPDUFDYHQ HQ HO FRQMXQW GH
GLVSRVLFLRQV LQFORVHV HQ HOV GHQRPLQDWV tractats d’amistatTXH UHÀHFWLHQ LQLFLDWLYHV PpV jPSOLHV GH OD
SROtWLFDH[WHULRU$PEOD UHIRUPD GHULYDGD GHO7UDFWDW GH /LVERDODWUDQVIHUqQFLD D OHV LQVWLWXFLRQVGHOD
8QLyGHODGHFLVLyVREUHO¶HVWDEOLPHQWGHUHODFLRQVSULYLOHJLDGHVHQPDWqULDG¶LQYHUVLRQVDPEXQWHUFHUHVWDW
KDFRQWULEXwW D ODFRQVROLGDFLyG¶XQD DFFLyH[WHULRUFRQMXQWD DOKRUD TXHTHVWLRQD OD FDSDFLWDWHVWDWDOGH
GHVHQYROXSDUXQDSROtWLFDDPEXQWHUFHUDFWRUTXHFRQWUDGLJXLODYROXQWDWGHOD8QLy$L[tSHUH[HPSOHVLOD
8QLyYROSURPRXUHXQVLVWHPDGHUHODFLRQVSULYLOHJLDGHVG¶LQYHUVLyQRPpVDPEHVWDWVTXHHVFRPSURPHWLQ
DPDQWHQLUXQUqJLP OLEHUDOGHPRFUjWLFLXQGHWHUPLQDWHVWjQGDUGGHGUHWVHTXLSDUDEOHDOTXHHVUHFRQHL[D
OD8(VHPEOD GLItFLOVRVWHQLUTXH HOVHVWDWVPHPEUHV HVWLJXLQHQFRQGLFLRQV GHSUHVHUYDUUqJLPV ELODWHUDOV
G¶LQYHUVLyDPE WHUFHUVHVWDWV TXHQR FRPSOHL[LQOHV DOāOXGLGHVFRQGLFLRQV (QHO PDWHL[VHQWLW VLDVSHFWHV
GHSROtWLFDH[WHULRUFRPXQD DFRQVHOOHQIHUIURQWD XQDFULVLDWUDYpVG¶XQUqJLPGHVDQFLRQVFDSDXQWHUFHU
HVWDWTXHLQFORJXLOLPLWDFLRQVHQO¶jPELWFRPHUFLDO XQDLQLFLDWLYD G¶DTXHVWDPHQD pVSRFFRPSDWLEOHDPE
OD FLUFXPVWjQFLD TXH XQ R DOJXQV HVWDWV PHPEUHV IDFLOLWLQ O¶DWUDFFLy GH FDSLWDO SURFHGHQW GH FLXWDGDQV L
HPSUHVHVGHO¶HVWDWFRQÀLFWLX
6LOHV WHQVLRQVHQ ODOtQLD TXHFRPHQWHP HQFDUDQR KDQHPHUJLW HQWRWD ODVHYD LQWHQVLWDWpV SHUTXqOD 8(
HQFDUDQRKDDGRSWDWXQDGHFLVLyFODUDHQPDWqULDG¶LQYHUVLRQVDVVRFLDGDDODVHYDSROtWLFDH[WHULRU'HVGH
OHVPDWHL[HVLQVWLWXFLRQVGHOD8QLyQRDFDEDGHSHU¿ODUVHXQDFRUGLQHTXtYRFVREUHVLODSROtWLFDG¶LQYHUVLRQV
FRPXQDSULRULW]DHOFUHL[HPHQWHFRQzPLFLODFRPSHWLWLYLWDWGHOD8(HQHOPHUFDWJOREDOGHFDSLWDOV VHQVH
SODQWHMDUPDVVDFRQGLFLRQDQWVHQPDWqULDGHGUHWVKXPDQVLGHGHPRFUjFLDUHODWLXVDODVHOHFFLyGHOVSRVVLEOHV
HVWDWVDPEHOVTXDOVHVSRGHQFRQFORXUHWUDFWDWVDL[tVHPEODYDLQVLQXDUVHGHODYROXQWDWGHOD&RPLVVLyHQ
OD&RPXQLFDFLy GH TXHYD GLVVHQ\DUOD SURSRVWDGH SROtWLFDG¶LQYHUVLRQV GHOD 8(R VLHOV WUDFWDWV
G¶LQYHUVLyKDQGHVHUQHJRFLDWVSUHIHUHQWPHQWDPEHVWDWVTXHFRPSDUWHL[LQHOVSULQFLSLVGHOD8(UHODWLXVD
ODGHPRFUjFLDLDOVGUHWVKXPDQVDPpVGHSUHVHQWDUXQHVFUHGHQFLDOVGHSURWHFFLyPHGLDPELHQWDOLGHGUHW
ODERUDOVLPLODUV DOHV H[LVWHQWVDOD8(FRP VHPEODYDTXH VHVXJJHULD SHO3DUODPHQW(XURSHX HQOD VHYD
UHVROXFLyVREUHLQYHUVLRQVGH
,QGH¿QLFLRQVG¶DTXHVWDPHQDVyQOHVTXHKDQFRQGXwWHQSULPHUOORFDOIHWTXHOD8QLyQR DGRSWLPHVXUHV
FRQWXQGHQWVHQ UHODFLy DPEHOV DFRUGV TXHSXJXLPDQWHQLU DPE XQWHUFHU HVWDW TXDQDTXHVW pV HOFDXVDQW
G¶XQDFULVLTXHUHSUHVHQWD XQ GHVD¿DPHQW D OD SROtWLFD H[WHULRU FRQMXQWD$L[t SHU H[HPSOH HO FRQÀLFWH
HQWUHOD)HGHUDFLy5XVVDLOD5HS~EOLFDG¶8FUDwQDGHVHQFDGHQDWDSDUWLUGHOQRYHPEUHGHHQSDUWFRP
DFRQVHTqQFLDGHOSURFpVGHUDWL¿FDFLyGHO7UDFWDWG¶$VVRFLDFLyHQWUHOD8(L8FUDwQDQRKDVLJQL¿FDWXQD
UHYLVLySURIXQGDGHOVDFRUGVPDQWLQJXWVDPEOD)HGHUDFLy5XVVDDOJXQVGHOVTXDOVLQFORXHQDVSHFWHVUHODWLXV
DLQYHUVLRQVFRPO¶$FRUGGH&ROāODERUDFLyL&RRSHUDFLyHQWUHOHV&RPXQLWDWV(XURSHHVL5~VVLDGH
/¶~QLFDFRQVHTqQFLDGHULYDGDGHODFULVLSROtWLFDD8FUDwQDSHUDOUqJLPG¶LQYHUVLRQVHQWUHOD8(L5~VVLDKD
HVWDWODVXVSHQVLyGHOHVFRQYHUVHVELODWHUDOVHQOHVQHJRFLDFLRQVG¶XQDFRUGJOREDOGHFRPHUoTXHLQFORJXL
XQFDStWROG¶LQYHUVLRQVWRWWHQLQWHQFRPSWHTXHDEDQVGHOFRQÀLFWHD8FUDwQDOD&RPLVVLy(XURSHDKDYLD
$L[tWDPEpDIMOPOULOS$QJHORVEU Foreign Investment Lawop. cit.S
&RPXQLFDFLyGHOD&RPLVVLyDO&RQVHOODO3DUODPHQW(XURSHXDO&RPLWq(FRQzPLFL6RFLDO(XURSHXLDO&RPLWqGHOHV5HJLRQV
&DSDXQDSROtWLFDHXURSHDG¶LQYHUVLRQVJOREDO&20GHGHMXOLROGH(VSHFLDOPHQWYHJHXOHVSjJLQHV
9HJHX5HVROXFLyGHO3DUODPHQW(XURSHXVREUHODSROtWLFDHXURSHDG¶LQYHUVLRQVLQWHUQDFLRQDOV,1,GHG¶DEULOGH
$FRUGGH&ROāODERUDFLyL&RRSHUDFLyHQWUHOHV&RPXQLWDWV(XURSHHVLHOVVHXVHVWDWVPHPEUHVG¶XQDEDQGDLOD)HGHUDFLy5XVVD
GHO¶DOWUDGHGHQRYHPEUHGH2-/
6REUHHO UqJLPG¶LQYHUVLRQVHQ ODUHODFLyHQWUHOD 8QLy(XURSHDLOD )HGHUDFLy5XVVDYHJHXDRALLE 7LOPDQ©6NHWFKLQJWKH
&RQWRXUVRIWKH3URVSHFWLYH(85XVVLD,QYHVWPHQW$UFKLWHFWXUHªLegal Issues of Economic IntegrationYRO Q~PS
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 115
UHFRQHJXW5~VVLDFRPDVRFLSULRULWDULHQO¶REHUWXUDGHQHJRFLDFLRQVVREUHXQDFRUGG¶DTXHVWDPHQD9DOD
GLUHQXQDOWUHVHQWLWTXHODSDUjOLVLHQOHVQHJRFLDFLRQVVREUHXQDFRUG8()HGHUDFLy5XVVDQRKDLPSHGLW
TXHHOVGLYXLWHVWDWVPHPEUHVTXHKDYLHQFRQFOzVXQ%,7DPEHOFLWDWVRFLHOPDQWLQJXLQHQYLJRU
(QVHJRQOORFOHVYDFLOāODFLRQVVREUHODSROtWLFDG¶LQYHUVLRQVHQHOQLYHOOGHJRYHUQGHOD8(KDQFRPSRUWDW
TXHQRHVSURGXHL[LXQDUHFRQVLGHUDFLyGHOIHWTXHODPDMRULDG¶HVWDWVPHPEUHVPDQWLQJXLQWUDFWDWVG¶LQYHUVLy
DPEWHUFHUVHVWDWVTXHQRFRQVWLWXHL[HQGHPRFUjFLHVOLEHUDOVDOJXQVGHOVTXDOVYDQHQWUDUHQYLJRUGXUDQWOD
SULPHUDGqFDGDGHOVHJOHXXI1RREVWDQWDL[zYDODGLUTXHDOJXQFRPSURPtVHVSHUFHSHQO¶DFFLyH[WHULRUGH
OD8(DPEHOVVLVWHPHVSROtWLFVOLEHUDOVLUHVSHFWXRVRVDPEHOVGUHWVSXL[TXHHOVDFRUGVJOREDOVGHFRPHUo
LG¶LQYHUVLyTXHV¶KDQWDQFDWDPESRVWHULRULWDWDO¶HQWUDGDHQYLJRUGHO7UDFWDWGH/LVERDSHUH[HPSOHDPE
OD5HS~EOLFDGH&RUHDRTXHHVWDQSHQGHQWVGHUDWL¿FDFLySHUH[HPSOHDPEHO&DQDGjRTXHHVWUREHQHQ
IDVHDYDQoDGDGHQHJRFLDFLySHUH[HPSOHDPEHOV(VWDWV8QLWVKRVyQDPEGHPRFUjFLHVOLEHUDOV/¶~QLFD
H[FHSFLyHVUHIHULULDDO¶REHUWXUDGHQHJRFLDFLRQVDPEOD5HS~EOLFD3RSXODU;LQHVDD¿GHFRQFORXUHXQDFRUG
JOREDO8(;LQDHQPDWqULDG¶LQYHUVLRQVHQDTXHVWFDVHVWUDFWDULDG¶XQDFRUGHVSHFt¿FVREUHLQYHUVLRQVLQR
G¶XQFDStWROGLQVG¶XQDFRUGGHOOLXUHFRPHUo$L[zQRREVWDQWFDOUHPDUFDUTXHOHVQHJRFLDFLRQVDPEOD
5HS~EOLFD3RSXODU;LQHVDDOVHIHFWHVTXHFRPHQWHPHQFDUDHVWUREHQHQXQDIDVHPROWSUHOLPLQDU
$TXHVWDDFWLWXGJHQHUDO GHOHVDXWRULWDWV HXURSHHVHQOD VHOHFFLyGHOVVRFLV DPEHOVTXDOV FRQFORXUHDFRUGV
HQPDWqULDGH OOLXUH FRPHUo LLQYHUVLRQVDPE O¶H[FHSFLy [LQHVD WRWV HOOVGHPRFUjFLHVOLEHUDOV V¶HVGHYp
VHQVSHUMXGLFLTXH FRP YHLHP HOVHVWDWVPHPEUHV HQ HO VHXWUj¿FG¶LPSRUWDFLy L H[SRUWDFLy GHFDSLWDO
PDQWLQJXLQUHODFLRQVDPEUqJLPVDXWRULWDULVDPEWRWDQRUPDOLWDW
8Q DOWUH IRFXV GH WHQVLy TXH DERFD D FRQWUDGLFFLRQV HQWUH XQD SROtWLFD XQL¿FDGD G¶LQYHUVLRQV FHQWUDGD
HQOD 8( LO¶DFFLyGHO HVWDWV PHPEUHVQR Wp WDQWDYHXUH DPE OHVFRQGLFLRQV GHO VXEMHFWHDPEHO TXDO HV
FRQFORXO¶DFRUGVLQyDPE OHVQHFHVVLWDWVGHSROtWLFDHFRQzPLFDGHFDGDHVWDWPHPEUHTXHSRGHQSUHVHQWDU
FRQVLGHUDEOHVGLVSDULWDWV$L[tSHUH[HPSOHODXQLIRUPLW]DFLyGHOUqJLPG¶LQYHUVLRQVHQHOPDUFGHOD8QLy
(XURSHDGL¿FXOWDTXHHOVHVWDWVPHPEUHVSXJXLQFRQFUHWDUHO VHXSODQWHMDPHQW HQPDWqULD G¶LQYHUVLRQVHQ
IXQFLyGHVLVyQUHFHSWRUVGHFDSLWDOSURFOLXVGRQFVDEXVFDUIRUPHVG¶LQWHUYHQFLyPpVÀH[LEOHVVREUHOHV
LQYHUVLRQVHVWUDQJHUHVGXWHVDWHUPHHQHOVHXWHUULWRULRGHVLVyQH[SRUWDGRUVGHFDSLWDOVPpVLQWHUHVVDWVD
HVWDEOLUXQUqJLPGHJDUDQWLHVSHUDOVVHXVLQYHUVRUVHQHOWHUULWRULGHOWHUFHUHVWDW$L[tPDWHL[XQDDFFLy
HXURSHDJOREDOG¶LQYHUVLRQVGHVGLEXL[DODFDSDFLWDWGHOVHVWDWVPHPEUHVGHFRPSHWLUHQWUHHOOVD¿GHFDSWDU
LQYHUVLRQVHVWUDQJHUHVWRWLTXHDL[zGDUUHUHVWUREDPROWOLPLWDWSHUO¶DSOLFDFLyXQLIRUPHGHOGUHWGHOD8(
&HUWDPHQWOHVSRVVLELOLWDWVG¶RIHULULQFHQWLXVDLQYHUVRUVHVWUDQJHUVTXHSHUPHWLQWUDoDUXQUqJLPGLIHUHQFLDO
DPEOD SROtWLFDG¶LQYHUVLy GHVSOHJDGDSHU XQDOWUH HVWDWPHPEUH SRGULHQFRQWUDGLU HOGUHW GHOD 8(VL SHU
H[HPSOHUHSUHVHQWHQXQDMXWG¶HVWDWRVLVXSRVHQXQPHQ\VFDSWHHQHOQLYHOOGHSURWHFFLyPHGLDPELHQWDORVL
HVYLQFXOHQDXQWUDFWDPHQWGLVFULPLQDWRULDIDYRUGHO¶LQYHUVRUGHOWHUFHUHVWDWTXHSHUMXGLTXLDOWUHVQDFLRQDOV
GHOVHVWDWVPHPEUHV
(O VLVWHPDGH UHVROXFLyGH FRQÀLFWHVHQ HOVDFRUGV G¶LQYHUVLyGH OD8(WHUFHU HVWDWL ODVHYD
DUWLFXODFLyDPEHOVPHFDQLVPHVGHUHVROXFLyGHFRQÀLFWHVSUHYLVWRVHQHOV%,7
&RPKHPYLVWODLQWHUSUHWDFLyGHOVLVWHPDGHGLVWULEXFLyFRPSHWHQFLDOHQWUHOD8(LHOVHVWDWVPHPEUHVYLJHQW
DPEODUHJXODFLyHVWDEOHUWDSHO7UDFWDWGH/LVERDGHL[DODSRUWDREHUWDTXHOHVFRPSHWqQFLHVUHWLQJXGHVSHOV
HVWDWVHQDVSHFWHVUHODWLXVDOUqJLPMXUtGLFGHODSURSLHWDWLGHO¶H[SURSLDFLyHOVKDELOLWLQSHUDFRUGDUVLVWHPHV
GHUHVROXFLyGHFRQÀLFWHVVREUHLQYHUVLyHVWUDQJHUD$L[zDODSUDFWLFDHVFRQFUHWDDPEODSUHVHUYDFLyGHOV
%,7HVWDW PHPEUHWHUFHU HVWDW L GHOV PHFDQLVPHV GH UHVROXFLy GHFRQWURYqUVLHVDOOt SUHYLVWRV VXEMHFWHV D
UHJOHVGHGUHWLQWHUQDFLRQDOS~EOLF/DSULQFLSDOLQFRPSDWLELOLWDWTXHHVSRWJHQHUDUDPEODSHUYLYqQFLDGHOV
&RPXQLFDFLyGHOD&RPLVVLyDO&RQVHOODO3DUODPHQW(XURSHXDO&RPLWq(FRQzPLFL6RFLDO(XURSHXLDO&RPLWqGHOHV5HJLRQV
&DSDXQDSROtWLFDHXURSHDG¶LQYHUVLRQVJOREDO&20GHGHMXOLROGHS
DRALLE7LOPDQ©6NHWFKLQJWKH&RQWRXUVRIWKH3URVSHFWLYH(85XVVLD,QYHVWPHQW$UFKLWHFWXUHªop. citS
,QLFLGHQHJRFLDFLRQVSHUDOD FHOHEUDFLyG¶XQDFRUGG¶LQYHUVLy8(;LQDDQXQFLDWDODVHW]HQDFLPHUD8(;LQD FHOHEUDGDHO
GHQRYHPEUHGH9HJHXKWWSHXURSDHXUDSLGSUHVVUHOHDVHB,3BHQKWP!
(Q DTXHVWVHQWLWYHJHX MARKET/DUV©7KH&UXFLDO 4XHVWLRQRI WKH)XWXUH ,QYHVWPHQW7UHDWLHV%DODQFLQJ ,QYHVWRU¶V5LJKWV
DQG5HJXODWRU\,QWHUHVWV RI+RVW6WDWHVª$BUNGENBERG 0DUFet al.HG International Investment Law and EU Law. European
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 116
%,7HQDTXHVWjPELWLHOGUHWGHOD8(pVSURGXHL[VLHO%,7UHPHWDXQVLVWHPDGHUHVROXFLyGHFRQWURYqUVLHV
HQXQWULEXQDO G¶DUELWUDWJH UHJXODW SHU GUHW LQWHUQDFLRQDO S~EOLF OHVUHVROXFLRQVGHOTXDO VyQ GLUHFWDPHQW
H[HFXWDEOHVLVHQVHSRVVLELOLWDWGHUHYLVLyG¶XQDLQVWjQFLDMXULVGLFFLRQDO(QDTXHVWDWHVVLWXUDpVFRQFHELEOH
TXHXQODXGHDUELWUDOVLJXLDSOLFDEOHVHQVHSRVVLELOLWDWGHFRQWUROG¶DGHTXDFLyDOGUHW GHOD8(MDTXHREp
O¶DSDUHOOMXGLFLDOGHO¶HVWDWPHPEUHTXHKDVXEVFULWHO%,7QRWpDFFpVDOPHQFLRQDWODXGHREpVLKLDFFHGHL[
QRSRWH[HUFLUFDSSRGHUGHUHYLVLyTXHDUULELDOSXQWGHSURPRXUHODVHYDLQDSOLFDFLySHUHVWLPDUORFRQWUDUL
DOGUHWGHOD8(RG¶HOHYDU XQDTHVWLy SUHMXGLFLDOGDYDQW GHO7-8(&RP MDKHP SHU¿ODWHO VLVWHPDGHO
&,$',DOTXDOHVUHPHWHQ XQFRQVLGHUDEOHQ~PHURGH%,7 HQWUHHVWDWVPHPEUHVGHOD 8(L WHUFHUVHVWDWV
DERFDDDTXHVWHVFHQDULMDTXHHOVODXGHVGHOVWULEXQDOVDUELWUDOVG¶LQYHUVLyFRQ¿JXUDWVHQHOPDUFGHOUHIHULW
RUJDQLVPHVyQH[HFXWLXVL HQSULQFLSLQRVXEMHFWHVDUHYLVLyMXGLFLDO SHUSDUWGHOHVDXWRULWDWVMXGLFLDOVGHOV
HVWDWVVLJQDWDULV GHO %,76HJRQV O¶DUWLFOH GHOD &RQYHQFLy &,$', OHVSDUWV FRQWUDFWDQWV HV WUREHQ
YLQFXODGHVDOVUHFRQHL[HPHQWVGHOVODXGHVHPHVRVSHOVLVWHPDGHODFRQYHQFLyFRPVLIRVVLQODGHFLVLy¿QDO
G¶XQWULEXQDOGHO¶HVWDWPHPEUHGHODFRQYHQFLy(QJHQHUDOQRHVSUHYHXFDSSRGHUGHFRQWUROH[WHUQVREUH
HOVODXGHVGHOVLVWHPD&,$',PpVHQOOjGHOVFRQWUROVSUHYLVWRVHQODPDWHL[DFRQYHQFLyWDPSRFGRQFVXQ
FRQWUROGHULYDWGHOGUHWGHOD8(GHODPDWHL[DPDQHUDFRPHVWUREDPROWUHVWULQJLGDODFDSDFLWDWG¶RSRVDU
DOJXQDH[FHSFLyDVVRFLDGDDXQDSROtWLFDS~EOLFDTXHLPSHGHL[LRPRGXOLO¶H[HFXFLyG¶XQODXGHWDQWGLQVHO
PDWHL[VLVWHPDGHO&,$',FRPSHUSDUWG¶XQDOWUHRUGHQDPHQWMXUtGLFDXWzQRP(QDTXHVWHVFLUFXPVWjQFLHV
ODSRVVLELOLWDWTXHHQO¶HVSDLGHOD8QLyVLJXLDSOLFDEOHXQODXGHG¶XQWULEXQDOG¶DUELWUDWJHDOPDUJHGHOGUHW
GHOD8(¿QVLWRWFRPGLHPHQXQjPELWGHFRPSHWqQFLDGHOD8(FRPpVODLQYHUVLyHVWUDQJHUDGLUHFWDL
VHQVHLQWHUYHQFLyGHFDSDXWRULWDWMXGLFLDOTXHDSOLTXLGUHWGHOD8(QLGHOVHVWDWVPHPEUHVQLHO7-8(KD
VXVFLWDWTXHGLYHUVHVYHXVUHFODPLQDOJXQDPHQDGHFRQQH[LyHQWUHHOVLVWHPDGHUHVROXFLyGHFRQWURYqUVLHV
GHOV%,7LHOVLVWHPDG¶DSOLFDFLyGHOGUHWGHOD8((QDTXHVWVHQWLWKLKDGLYHUVRVREVWDFOHVSHUDVVHJXUDU
ODSRVVLELOLWDW GH FRQWURO G¶XQODXGH G¶XQ WULEXQDO G¶DUELWUDWJHDO GUHW GH OD8( L HQ SDUWLFXODUD O¶jPELW
GHGHFLVLy ¿QDOGHO 7-8((QWUH OHVREMHFFLRQV PpVGHVWDFDEOHVHV WUREDG¶XQD EDQGDTXH HOFRPSURPtV
GHOVHVWDWVPHPEUHVGHQRVRWPHWUHOHV FRQWURYqUVLHVUHODWLYHV DOD LQWHUSUHWDFLyR DSOLFDFLyGHOVWUDFWDWVD
SURFHGLPHQWVGLIHUHQWV GHOVSUHYLVWRV HQHOV7UDFWDWVDL[z pVSHU H[HPSOHDXQD MXULVGLFFLyGLIHUHQW GH
ODGHO7-8(QRPpV V¶DSOLFDHQUHODFLyDPEFRQWURYqUVLHVHQWUHHQVS~EOLFVLQR FRPV¶HVGHYpHQHOFDPS
GHOHVLQYHUVLRQVLHQHOVSURFHGLPHQWVGHUHVROXFLy GHFRQWURYqUVLHV SUHYLVWRVHQ HOV%,7HQWUH XQHVWDWL
XQSDUWLFXODU O¶LQYHUVRUSULYDW '¶DOWUDEDQGD GLItFLOPHQWHV SRWLQWHUSUHWDU TXHHOV WULEXQDOVG¶DUELWUDWJH
G¶LQYHUVLRQVSXJXLQVHUFRQVLGHUDWV©zUJDQVMXGLFLDOVªDO¶HIHFWHGHWUREDUVHOHJLWLPDWVSHUHOHYDUXQDTHVWLy
SUHMXGLFLDOGDYDQWGHO7-8(MDTXHQRWHQHQHQWUH G¶DOWUHVDWULEXWVGHWHUPLQDQWV QLHOFDUjFWHU G¶DXWRULWDW
MXGLFLDOG¶XQHVWDWPHPEUHQLHOFDUjFWHUG¶zUJDQSHUPDQHQW
$L[tYHJHX9ON PAPP.RQVWDQ]H©&ODVKRI³DXWRQRPRXVOHJDO RUGHUV´FDQ(80HPEHU6WDWHFRXUWVEULGJHWKH MXULVGLFWLRQDO
GLYLGHEHWZHHQLQYHVWPHQWWULEXQDODQGWKH(&-"$SOHDIRUGLUHFWUHIHUUDOIURPLQYHVWPHQWWULEXQDOV WRWKH(&-ª&RPPRQ0DUNHW
Law ReviewYROQ~PSL
6REUH OHVGL¿FXOWDWV G¶H[HFXFLyG¶XQODXGH GHOVLVWHPD &,$',DOD 8QLy(XURSHD YHJHXHOFDV ,RDQ0LFXOD LDOWUHV FRQWUD
Romania&DV&,$',Q~P$5%GHGHVHPEUHGH
9ON PAPP.RQVWDQ]HibidemS
9ON PAPP.RQVWDQ]HibidemS
9HJHX©$UWLFOHªDSCHREUER&KULVWRSKet. al.HG7KH,&6,'&RQYHQWLRQDFRPPHQWDU\DHG&DPEULGJH&DPEULGJH
8QLYHUVLW\3UHVVSDUjJUDI
$L[tKLEINHEISTERKAMP-DQ©(XURSHDQ3ROLF\6SDFHLQ,QWHUQDWLRQDO,QYHVWPHQW/DZª,&6,'5HYLHZYROQ~P
S
9HJHXPASCUAL VIVES)UDQFLVFR-RVp©6KDSLQJWKH(8,QYHVWPHQW5HJLPH&KRLFHRI)RUXPDQG$SSOLFDEOH/DZLQ,QWHUQDWLRQDO
,QYHVWPHQW$JUHHPHQWVª&XDGHUQRVGH 'HUHFKR7UDQVQDFLRQDOYROQ~P S SCHILL6WHSKDQ©$UELWUDWLRQ
SURFHGXUH7KHUROHRIWKH(XURSHDQ8QLRQDQGWKH0HPEHU6WDWHVLQLQYHVWRU6WDWHDUELWUDWLRQª$KESSEDJIAN&DWKHULQHHGLe
GURLWHXURSpHQHWO¶DUELWUDJH(XURSHDQ/DZDQG,QYHVWPHQW$UELWUDWLRQ3DUtV3DQWKHRQ$VVDVSLVHJHQWV9ON PAPP
.RQVWDQ]Hop. cit.SLVHJHQWV
$L[tDUWLFOH7)8(
9ON PAPP.RQVWDQ]H ibidemS (O PDWHL[7ULEXQDO GH-XVWtFLD GHOHV &RPXQLWDWV(XURSHHV YD GHFODUDUTXH HOV
WULEXQDOVDUELWUDOVGHOVHVWDWV PHPEUHVQRHVSRGHQFRQVLGHUDU ©WULEXQDOªDO¶HIHFWHG¶HOHYDUXQD THVWLySUHMXGLFLDO9HJHX67-&(
&DV'HQXLW&RUGHQLHUFRQWUD7UDQVRULHQW>@(&5,
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 117
$PEWRWHQ OD GDUUHUD GqFDGDKLKD KDJXW H[HPSOHV G¶DSOLFDFLy GHOGUHWGH OD 8( D GLVSXWHVUHODWLYHVD
LQYHUVLRQVEpHQO¶jPELWMXULVGLFFLRQDOGHOD8(REpHQO¶jPELWG¶XQDUELWUDWJHG¶LQYHUVLRQVHQHOTXDOHO
GUHWGHOD8(KDHVWDWFRQVLGHUDWGUHWDSOLFDEOHSHULQWHJUDUVHHQHOFRQMXQWGHQRUPHVGHGUHWLQWHUQDFLRQDO
S~EOLFRGHGUHW©ORFDOªUHOOHYDQWVSHUGHFLGLUHOFDVRSHUHQWHQGUHTXHHVWUDFWDYDG¶XQ©IHWªDFRUGDWSHUOHV
SDUWVLGHWHUPLQDQWSHUUHVROGUHHOFRQÀLFWH8QGHOV VXSzVLWVG¶LQWHUYHQFLyGHO7-8(HV SURGXHL[TXDQpV
OD&RPLVVLyODTXHLQWHUSRVD XQUHFXUV G¶LQFRPSOLPHQWHVSHFLDOPHQWGHULYDWGHOD PDQFDG¶DFWXDFLy G¶XQ
HVWDWD O¶KRUD GHUHVROGUH OHV LQFRPSDWLELOLWDWVHQWUHXQ %,7FRQFOzVDPE DQWHULRULWDWDO¶DGKHVLy G¶DTXHOO
HVWDWDOD8(LHOGUHWGHOD8(&DOREVHUYDUGRQFVTXHHQDTXHVWDFLUFXPVWjQFLDODLPSOLFDFLyGHOVLVWHPD
MXULVGLFFLRQDOGHOD8(GHSqQH[FOXVLYDPHQWGHODGLVFUHFLRQDOLWDWGHOD&RPLVVLyL QRHVWjDVVHJXUDGD SHU
ODPDWHL[DHVWUXFWXUDMXGLFLDODUWLFXODGDHQWUHHOVMXWJHVLWULEXQDOVGHOVHVWDWVPHPEUHVLHO7-8(8QDFRVD
VLPLODUHVSRWD¿UPDUGHOHVFRQVLGHUDFLRQVTXHXQWULEXQDOG¶DUELWUDWJHG¶LQYHUVLRQVHQHOPDUFGHO&,$',R
G¶XQDOWUHFRQWH[WSXJXLIHUHQUHODFLyDPEO¶DSOLFDFLyGHOGUHWGHOD8(HOWULEXQDOG¶DUELWUDWJHQRHVWURED
YLQFXODWSHOGUHW GHOD8( LQRKL KDFDSFHUWHVD TXHO¶LQYRTXLHQ HOODXGHHO TXDOFRPGLHP SRWQRHVWDU
VXEMHFWHDXQXOWHULRUFRQWUROMXGLFLDOQLHQHOVLGHOVHVWDWVPHPEUHVQLHQHOVL GHO7-8((QGH¿QLWLYDHQ
HOUqJLPMXUtGLFDFWXDOGHOGUHWG¶LQYHUVLRQVHOGUHWGHOD8(SRWQRWHQLULQFLGqQFLDQLHQWHUPHVVXEVWDQWLXV
QLHQ WHUPHVLQVWLWXFLRQDOV HQFDUDTXHOD 8(KDJL DVVXPLWFRPSHWqQFLHV HQPDWqULDG¶LQYHUVLy HVWUDQJHUD
GLUHFWD
(QTXDOVHYRO FDV FRPDQDOLW]DUHPD ODVHFFLySRVWHULRU ODWHQGqQFLD SHU¿ODGD SHOVIXWXUVDFRUGV JOREDOV
G¶LQYHUVLyGHOD 8(DPEWHUFHUVHVWDWVPpV TXHDVVHJXUDUODSRVVLELOLWDWGH UHYLVLyGHOHVFRQWURYqUVLHVHQ
PDWqULDG¶LQYHUVLySHUSDUWGHOHVDXWRULWDWVMXGLFLDOVGHOD8(HVGHFDQWHQDPEOHVFRUUHVSRQHQWVWHQVLRQVTXH
DL[zSXJXLFRPSRUWDUDPEODMXULVSUXGqQFLDGHO7-8(SHUPDQWHQLUHOVLVWHPDGHUHPLVVLyDXQPHFDQLVPH
GHVROXFLyGHGLVSXWHVSUHYLVWHQGUHWLQWHUQDFLRQDOS~EOLFDWUDYpVGHOTXDOHVFRQ¿JXULQWULEXQDOVDUELWUDOV
TXHGLFWLQODXGHVH[HFXWLXV
4 Tercera fase: la política global d’inversions de la UE i la negociació dels tractats de lliure
comerç amb inclusió d’un capítol en matèria d’inversions
$PEO¶DSURYDFLyGHODFRPXQLFDFLy&DSDXQDSROtWLFDHXURSHDG¶LQYHUVLRQVJOREDOOD&RPLVVLyYDLQIRUPDU
OHVDOWUHVLQVWLWXFLRQV GH OHV GLUHFWULXVTXHSUHVLGLULHQ O¶H[HUFLFL GH ODFRPSHWqQFLDHQ PDWqULD G¶LQYHUVLy
HVWUDQJHUDGLUHFWDDVVXPLGDSHUOD8(LHQSDUWLFXODUGHOVREMHFWLXVTXHPDUFDULHQODQHJRFLDFLyLFRQFOXVLy
G¶DFRUGVG¶LQYHUVLy DPEWHUFHUVHVWDWV RDPE RUJDQLW]DFLRQVLQWHUQDFLRQDOV G¶LQWHJUDFLy HFRQzPLFD(Q HO
FLWDWGRFXPHQWMD HV SHU¿OD ODYROXQWDWG¶LQFORXUH XQ FDStWRO G¶LQYHUVLRQVHQHO FXUV GH OD QHJRFLDFLyGH
WUDFWDWVJOREDOVGHFRPHUoWRW UHFRQHL[HQWDL[t ODQHFHVVLWDW GHYLQFXODUHOFRPHUoDPE HOÀX[ GHFDSLWDOV
GHULYDWGHOHVUHODFLRQVG¶LQYHUVLyDL[tFRPODSRVVLELOLWDWGHUHFRQqL[HUXQPHFDQLVPHDUELWUDOGHUHVROXFLy
GH FRQWURYqUVLHV VREUH LQYHUVLRQV SDUWLFXODUHVWDW 6L ¿QV DUD HOV DFRUGV GH FRPHUo L HOV SUHFHSWHV
UHODWLXVD LQYHUVLRQVLQFORVRVHQDTXHOOVDFRUGVQRPpVSUHYHLHQLQVWUXPHQWVG¶DUELWUDWJHTXHHQIURQWHVVLQ
HQWLWDWVS~EOLTXHV HVWDWHVWDW R8(HVWDW HQ ERQDSDUWYLQFXODWV DHVWUDWqJLHVGLSORPjWLTXHV HQ ODQRYD
RQDGDG¶DFRUGV G¶LQYHUVLySODQWHMDWV SHUOD8( O¶DUELWUDWJHLQYHUVRUHVWDW VHULDDOPHQ\VFRPSOHPHQWDUL GH
$L[t67-8(&DV&RPLVVLyFRQWUD5HS~EOLFD(VORYDFD>@(&5,
9HJHXSHUH[HPSOH(OHFWUDEHO6$FRQWUD+RQJULD&DV&,$',Q~P$5%UHVROXFLyVREUHMXULVGLFFLyGUHWDSOLFDEOHL
UHVSRQVDELOLWDWGHQRYHPEUHGH
9ON PAPP.RQWDQ]HibidemS
$L[tHQHOFLWDWFDV67-8(&RPLVVLyFRQWUD5HS~EOLFD(VORYDFD>@(&5,
&RPXQLFDFLyGHOD&RPLVVLyDO&RQVHOODO3DUODPHQW(XURSHXDO&RPLWq(FRQzPLFL6RFLDO(XURSHXLDO&RPLWqGHOHV5HJLRQV
&DSDXQDSROtWLFDHXURSHDG¶LQYHUVLRQVJOREDO&20GHGHMXOLROGH
4XH HQHO FRQWH[WGHOV DFRUGVG¶LQYHUVLyFRQFHEXWV FRPD DFRUGVPL[WRV8(HVWDWV PHPEUHVFRQFORVRV DPEXQ WHUFHUHVWDW
OHVUHIHULGHVHVWUXFWXUHVGH UHVROXFLyGHGLVSXWHVVHULHQ VXVFHSWLEOHVHQSXULWDWG¶HQIURQWDU O¶LQYHUVRUSULYDWGHOWHUFHU HVWDWG¶XQD
EDQGDDPEOD8(LR O¶HVWDWPHPEUHGHO¶DOWUD9HJHXIRURETAGOIENA AGIRREZABALAGAËxLJR©&RPSHWHQFLDGHOD8QLyQ (XURSHD
HQPDWHULDGHLQYHUVLRQHVH[WUDQMHUDV\VXVLPSOLFDFLRQHVHQHO DUELWUDMHLQYHUVRU(VWDGRª$UELWUDMHUHYLVWDGHDUELWUDMHFRPHUFLDO
y de inversionesYROQ~PS
$L[tSHU H[HPSOHHQ HOFLWDW7UDFWDW GH/OLXUH&RPHUo HQWUHOD 8QLy(XURSHDL OD5HS~EOLFDGH &RUHD8(/
'HFLVLyGHO&RQVHOOGHGHVHWHPEUHGH
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 118
O¶DUELWUDWJHTXHHQIURQWpV HOV HVWDWV7RWGHVHQYROXSDQW HOVSULQFLSLVJHQHUDOV SHU¿ODWV D ODFRPXQLFDFLy
&DSD XQD SROtWLFDHXURSHDG¶LQYHUVLRQV JOREDOHOV DFRUGV GHFRPHUoQHJRFLDWV R HQIDVH GH QHJRFLDFLy
DPEHO &DQDGj 6LQJDSXUHOV(VWDWV 8QLWV R O¶ËQGLDLQFORXHQ XQ FDStWRO GHGLFDWDOUqJLP G¶LQYHUVLRQV L
XQ VLVWHPD G¶DUELWUDWJH LQWHUQDFLRQDO LQYHUVRUHVWDW TXH DPE XQ FHUW FDUjFWHU DQjOHJ DOV PHFDQLVPHV GH
UHVROXFLyGHGLVSXWHVSUHYLVWRVDOV%,7GHOVHVWDWVPHPEUHVRIHUHL[HQXQDSDQzSOLDGHVLVWHPHVG¶DUELWUDWJH
TXHO¶LQYHUVRUSRWHVFROOLULTXHDOPHQ\VLQFORXHQXQDUHPLVVLyDO¶HVWUXFWXUDGHO&,$',LXQDUHPLVVLyDOHV
UHJOHVGHOD&RPLVVLyGH1DFLRQV8QLGHVSHO'UHW0HUFDQWLO81&RPPLVVLRQRQ,QWHUQDWLRQDO7UDGH/DZ
81&,75$/HQ OHVVLJOHV HQDQJOqV 'HOVFLWDWV DFRUGVGH FRPHUoSHU EpTXH HQUHODFLy DPEO¶ËQGLD LHOV
(VWDWV8QLWVODFRQFOXVLy GHOHVQHJRFLDFLRQVHQFDUDpVOOXQ\DQDHQHOVFDVRVGHO&DQDGjLGH6LQJDSXUHOV
DFRUGVHVWDQDSXQWGHVHUUDWL¿FDWV$PpVO¶DFRUG8(6LQJDSXUHVWUREDSHQGHQWG¶XQDFRQVXOWDDO7-8(TXH
DIHFWDODFRPSDWLELOLWDW HQWUHOHVSUHYLVLRQVUHODWLYHVD LQYHUVLyLDOVPHFDQLVPHVG¶DUELWUDWJH DOOtSUHYLVWRV
DPEHOGUHWGHOD8((OGLFWDPHQGHO7-8(DSURIXQGLUjDL[tHQXQDVSHFWHFODXHQODUHODFLyHQWUHWULEXQDOV
DUELWUDOVG¶LQYHUVLyLGUHWGHOD8(FRPpVHOGHVLODSUHYLVLyGHWULEXQDOVG¶DUELWUDWJHGHGLFDWVDODUHVROXFLy
GHGLVSXWHVLQYHUVRUHVWDWFRQWUDGLXO¶DXWRQRPLDGHO¶RUGHQDPHQWMXUtGLFGHOD8(LHQSDUWLFXODUODFRQGLFLy
GHO7-8(G¶~OWLPDDXWRULWDWLQWHUSUHWDWLYDHQDVSHFWHVUHODWLXVDOGUHWGHOD8QLy
(QXQ DOWUHVHQWLWOD YROXQWDWGH OHVLQVWLWXFLRQVGH OD8( G¶LPSOLFDUDTXHVWDRUJDQLW]DFLyHQVLVWHPHV GH
UHVROXFLy GH FRQWURYqUVLHV LQYHUVRUHVWDW HQ PDWqULD G¶LQYHUVLy KD FRPSRUWDW O¶DSURYDFLy GHO 5HJODPHQW
GHGHMXOLROSHOTXDOV¶HVWDEOHL[HQOHVUHJOHVGHUHSDUWLPHQWGHUHVSRQVDELOLWDW¿QDQFHUDHQWUH
OD8QLyLHOVHVWDWVPHPEUHVHQODUHVROXFLyGHOLWLJLVSHUSDUWG¶XQWULEXQDODUELWUDOHVWDEOHUWVHJRQVHOVIXWXUV
DFRUGVG¶LQYHUVLyTXHHVSXJXLQFRQFORXUHHQWUHOD8QLyLXQWHUFHUHVWDW
4.1 La no pertinença de la UE a tractats internacionals relatius a mecanismes de solució de
FRQWURYqUVLHVLQYHUVRUHVWDW
&RPKHPDQXQFLDWODQRYDRQDGDG¶DFRUGVG¶LQYHUVLyGHOD8(DPEXQWHUFHUHVWDWSUHYHXHQO¶HVWDEOLPHQW
GHPHFDQLVPHVGHUHVROXFLyGHFRQÀLFWHVLQYHUVRUHVWDWDPEUHPLVVLySHUH[HPSOHDOHVUHJOHVGHO&,$',
/D8( SHUzQR pVSDUW GHO&RQYHQL &,$',$PpV XQDHYHQWXDO LQWHJUDFLyGH OD8( HQHO FLWDWFRQYHQL
UHTXHULULD PRGL¿FDUOR L SHU WDQW HO FRQVHQWLPHQW GH WRWV HOV PHPEUHV GHO &RQYHQL &,$', MD TXH
O¶DUWLFOHGHOFLWDWFRQYHQLHVWDEOHL[TXHDTXHVWLQVWUXPHQWVROVpVREHUWDODVLJQDWXUD©GHOVHVWDWVªODTXDO
FRVDQ¶H[FORXULDOHVRUJDQLW]DFLRQVUHJLRQDOV G¶LQWHJUDFLyHFRQzPLFD FRPOD 8(4XH HOVDFRUGV JOREDOV
G¶LQYHUVLyDPEWHUFHUVHVWDWVHVFRQFORJXLQFRPD©DFRUGVPL[WRVªLSHUWDQWDPEHOVHVWDWVPHPEUHVGHOD
8QLyTXHWUHWGH3ROzQLDVtTXHKDQUDWL¿FDWHO&RQYHQL&,$',FRPDSDUWGHOVPDWHL[RVDFRUGVQRGHVYLUWXD
HOSDSHU GHOD8( FRPD DFWRUSULQFLSDOHQ O¶DSOLFDFLyGH O¶DFRUGQLOD SRVVLELOLWDWTXH HOVLQFRPSOLPHQWV
TXHLQVWLJXLQDODGHPDQGD GHODFRQVWLWXFLyG¶XQPHFDQLVPH G¶DUELWUDWJHWLQJXLQ HOVHXRULJHQHQXQ DFWH
GH OHV LQVWLWXFLRQV GH OD 8QLy 8QHV LQVWLWXFLRQV TXH QR HV WUREDULHQ VXEMHFWHV DO UqJLP GH UHVROXFLy GH
GLVSXWHVDFRUGDWDPEHOWHUFHU HVWDWWRW JHQHUDQWXQ FOLPDG¶LQFHUWHVDSRFHVFDLHQWHQ XQjPELW FRPHO GH
OHVLQYHUVLRQV TXHSHUD ODVHYD FRQVROLGDFLy QHFHVVLWDFODUHGDW QRUPDWLYD/¶H[SHULqQFLDGHO¶DGKHVLy GH
OD8(DO&RQYHQL(XURSHXGH'UHWV+XPDQVVHULDXQSUHFHGHQWTXHGHPRVWUDULDODSRVVLELOLWDWGHUHIRUPDU
XQWUDFWDWLQWHUQDFLRQDO GHOTXDOIRUPHQSDUWDOWUHVHVWDWVQRPHPEUHV GHOD8( SHULQFORXUHKLOD8(FRP
$TXHVWDWHVVLWXUDpVODTXHIDTXHDOJXQVFRPHQWDULVWHVHVUHIHUHL[LQDODWHQGqQFLDDDYDQoDUFDSDXQPRGHO©KtEULGªG¶DUELWUDWJH
HQ PDWqULD G¶LQYHUVLRQV 3HU WRWV YHJHX ROBERTS$QWKHD ©6WDWHWR6WDWH ,QYHVWPHQW 7UHDW\ $UELWUDWLRQ$ +\EULG 7KHRU\ RI
,QWHUGHSHQGHQW5LJKWVDQG6KDUHG,QWHUSUHWDWLYH$XWKRULW\ªHarvard International Law JournalYROQ~PS
(QHOFDVGHOD;LQDFRPKHPFRPHQWDWV¶HVWjQHJRFLDQWH[FOXVLYDPHQWXQDFRUGG¶LQYHUVLRQV
5HJODPHQW GHO 3DUODPHQW L GHO &RQVHOO GH GH MXOLRO GH SHO TXDO V¶HVWDEOHL[ XQ PDUF SHU JHVWLRQDU OD
UHVSRQVDELOLWDW¿QDQFHUDUHODFLRQDGDDPEHOVWULEXQDOVGHUHVROXFLyGHOLWLJLVHQWUHLQYHUVRUVLHVWDWVHVWDEOHUWVSHUDFRUGVLQWHUQDFLRQDOV
HQHOVTXDOVOD8QLy(XURSHDVLJXLSDUW2-/6REUHHO5HJODPHQWLODFUtWLFDDODGLItFLOFRPSDWLELOLWDW
HQWUHOHVUHJOHVGHUHSDUWLPHQWGHUHVSRQVDELOLWDWVHVWDEOHUWHVHQODFLWDGDQRUPDWLYDLOHVUHJOHVGHUHVSRQVDELOLWDWLQWHUQDFLRQDOYHJHX
DIMOPOULOS$QJHORV ©7KHLQYROYHPHQW RI WKH(8 ,QYHVWRU6WDWH'LVSXWH 6HWWOHPHQW$ TXHVWLRQRI UHVSRQVLELOLWLHVª &RPPRQ
0DUNHW/DZ5HYLHZYROQ~PSFERNÁNDEZ ROZAS-RVp&DUORV©&RQMHWXUDVHQWRUQR DODQXHYDSROtWLFD
JOREDOHXURSHDHQ PDWHULDGHLQYHUVLyQLQWHUQDFLRQDO WUDVHO5HJODPHQWRQ~P ª/D/H\ 8QLyQ(XURSHDPHV
S
(QFRQFUHWO¶DUWLFOHGHO&RQYHQL&,$',HVWDEOHL[TXHDTXHVWHVWUREDREHUWDODVLJQDWXUDGHOVHVWDWVTXHVLJXLQPHPEUHVGHO
%DQF0XQGLDORUJDQLW]DFLy GHODTXDOOD 8(WDPSRFQR pVPHPEUH6REUH ODLPSRVVLELOLWDWGH OD8(G¶LQWHJUDUVHFRP DSDUWGHO
&RQYHQL&,$',VHQVHUHIRUPDUDTXHVWLQVWUXPHQWYHJHXBURGSTALLER0DUNXV©(XURSHDQ/DZDQG,QYHVWPHQW7UHDWLHVªop. cit.
S
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 119
DPHPEUHSHUz WDPEpUHSUHVHQWDXQSURFpVUHYHODGRU GHOHVHQRUPHV FRPSOH[LWDWVTXHFRPSRUWDDUWLFXODU
O¶RUGHQDPHQWMXUtGLFGHOD8(DPEO¶RUGHQDPHQWMXUtGLFJHQHUDWSHUXQWUDFWDWVXEMHFWHDGUHWLQWHUQDFLRQDO
S~EOLF6LHOVLVWHPD&,$',KDGHVHUXQGHOVPRGHOVSULQFLSDOVHQODUHVROXFLyG¶DTXHOOVFRQÀLFWHVLQYHUVRU
HVWDWVREUH DFRUGVGHOVTXDOV VLJXLSDUW OD 8(L WHQLQWHQFRPSWH ODYROXQWDWGH OHVLQVWLWXFLRQV GH OD8(
G¶HVGHYHQLUXQDFWRUFDEGDOHQHOÀX[G¶LQYHUVLRQVPXQGLDOHOLPSHUDWLXVGHFHUWHVDQRUPDWLYDLGHVHJXUHWDW
MXUtGLFDGHPDQDULHQODPRGL¿FDFLyGHO&RQYHQL&,$',D¿TXHOD8(V¶KLLQFRUSRUpVFRPDPHPEUHPDOJUDW
HOUHJXLW]HOOG¶REVWDFOHVWqFQLFVLGHGLODFLRQVWHPSRUDOVTXHDTXHVWSDVVXSRVDULD1RREVWDQWDL[zLVDOYDQW
OHVREMHFFLRQVUHODWLYHVD O¶DXWRQRPLDGHOGUHWGHOD8(TXHH[SRVDUHPSUHFLVDPHQWSHUO¶HQYHUJDGXUDGHO
YROXPG¶LQYHUVLyTXHHOVJUDQVDFRUGVJOREDOVGHOD8(SRWHQFLDULHQSRWVHUVHULDPpVRSHUDWLXLQVWDXUDUXQ
PHFDQLVPHGHUHVROXFLyGHFRQÀLFWHVLQYHUVRUHVWDWad hocSHUFDGDDFRUGRFRQFHEUHXQLQVWUXPHQWJHQHUDO
G¶DUELWUDWJHVXVFHSWLEOHGHVHU UDWL¿FDWSHUOD8(HOVVHXVHVWDWVPHPEUHVLHOVDOWUHV WHUFHUVHVWDWVDPEHOV
TXDOVOD8(FRQFORJXpVDFRUGVG¶LQYHUVLy
4.2 Els tribunals d’arbitratge d’inversions i l’autonomia del dret de la UE. Un límit constitucional?
&RPMDKHPSRVDWGHPDQLIHVWXQGHOVSULQFLSDOVREVWDFOHVSHUDODLQVWDXUDFLyGHPHFDQLVPHVGHUHVROXFLy
GHFRQWURYqUVLHVLQYHUVRUHVWDWHQ HOV DFRUGV FRQFORVRV HQWUH OD 8( L XQWHUFHUHVWDWpV HO GH OD SRVVLEOH
LQFRPSDWLELOLWDWHQWUHDTXHVWHV HVWUXFWXUHV L HOSULQFLSLG¶DXWRQRPLD GHO GUHW GH OD8($TXHVW SULQFLSL
TXHHQXQDSULPHUDIDVHHVYDGHVHQYROXSDUSHUGHOLPLWDUODUHODFLyHQWUHHOGUHWHXURSHXLHOGUHWGHOVHVWDWV
PHPEUHVKDHVWDWHQOHVGDUUHUHVGqFDGHVWDPEpDVVRFLDWDODGHWHUPLQDFLyGHOHVUHODFLRQVHQWUHO¶RUGHQDPHQW
MXUtGLFGHOD8(YLVjYLVHOGUHWLQWHUQDFLRQDOS~EOLF
/DLGHD EjVLFDYLQFXODGD DOSULQFLSLG¶DXWRQRPLD DOāOXGHL[DO IHWTXHHOV7UDFWDWV&RQVWLWXWLXVJHQHUHQ XQ
RUGHQDPHQW MXUtGLF LQGHSHQGHQW GHOV RUGHQDPHQWV MXUtGLFV GHOV HVWDWV PHPEUHV L GHO GUHW LQWHUQDFLRQDO
S~EOLFJHQHUDO GHPDQHUD TXH HOVFRQÀLFWHV VXVFLWDWVSHU XQDQRUPDGH O¶RUGHQDPHQWMXUtGLF GHOD8( HV
UHVROHQGLQV HOVLVWHPDQRUPDWLX GHOD 8(LHOV SURFHGLPHQWVTXH DTXHVWHVWDEOHL[/¶HVTXHPDHQ THVWLy
WLQGULDODVHYD SURMHFFLy SHO TXH IDDO¶RUJDQLW]DFLy MXULVGLFFLRQDO DPE O¶DWULEXFLyDO7-8( GH O¶DXWRULWDW
~OWLPDHQODLQWHUSUHWDFLyLO¶DSOLFDFLyGHOGUHWGHOD8((QFRQFUHWSHOTXHIDDO¶HVWUXFWXUDGHO¶RUJDQLW]DFLy
MXULVGLFFLRQDOGHULYDGDGHOSULQFLSLG¶DXWRQRPLDGHOD8(FRUUHVSRQDO7-8(LDOVzUJDQVMXGLFLDOVGHOVHVWDWV
PHPEUHVJDUDQWLUHOUHVSHFWHDO¶RUGHQDPHQWMXUtGLFGHOD8(PLWMDQoDQWXQVLVWHPDGHFRRSHUDFLyHQHOTXDO
D¿TXH QRKLKDJL GLYHUJqQFLHVHQO¶DSOLFDFLy GHOGUHWGH OD8(SHUSDUWGHOVWULEXQDOVHVWDWDOVV¶HVWDEOHL[
XQDREOLJDFLyGHSODQWHMDPHQWGHODTHVWLySUHMXGLFLDOTXDQHVGXEWLVREUHODLQWHUSUHWDFLyRODYDOLGHVDGH
OHVGLVSRVLFLRQVGHGUHWGHOD8(WRWFRUUHVSRQHQWDO7-8(HOFRQWUROGHOFRUUHFWHH[HUFLFLG¶DTXHVWD WDVFD
PLWMDQoDQWHOVPHFDQLVPHVSURFHVVDOVTXHOLSHUPHWHQFRQVWDWDUHOVLQFRPSOLPHQWV
(OSULQFLSLG¶DXWRQRPLDGHGUHWGHOD 8(L O¶DWULEXFLyGH ODIDFXOWDW LQWHUSUHWDWLYD~OWLPDGHGUHWGHOD8(
DO7-8(QR LPSHGLULDD OHVLQVWLWXFLRQV GHOD8(FRQFORXUHWUDFWDWVLQWHUQDFLRQDOVHQ HOVTXDOV HVFRQIHUtV
6REUHHOVWULEXQDOVG¶DUELWUDWJHLQWHUQDFLRQDOG¶LQYHUVLRQVLODSRVVLEOHFROāOLVLyDPEHOSULQFLSLG¶DXWRQRPLDGHOGUHW8(YHJHX
SULQFLSDOPHQWDIMOPOULOS$QJHORV©7KHLQYROYHPHQWRIWKH(8,QYHVWRU6WDWH'LVSXWH6HWWOHPHQW$TXHVWLRQRIUHVSRQVLELOLWLHVª
op. cit S LHINDELANG6WHIIHQ ©7KH$XWRQRP\RI WKH(XURSHDQ OHJDO2UGHU(8 &RQVWLWXWLRQDO/LPLWV WR,QYHVWRU
6WDWH$UELWUDWLRQRQWKH%DVLVRI )XWXUH(8,QYHVWPHQW5HODWHG$JUHHPHQWVª$BUNGENBERG0DUF LHERRMANN&KULVWRSKHG
&RPPRQ&RPPHUFLDO3ROLF\DIWHU/LVERQ(XURSHDQ<HDUERRNRI,QWHUQDWLRQDO(FRQRPLF/DZop. cit.S
(OFRQFHSWHG¶DXWRQRPLDGHOGUHWGHOD8(HQUHODFLyDPEHOGUHWLQWHUQDFLRQDOS~EOLFLODFRQGLFLyGHO7-8(G¶DXWRULWDWVXSUHPD
HQOD LQWHUSUHWDFLy GHO GUHWGH OD 8( HQ UHODFLyDPE G¶DOWUHV WULEXQDOV LQWHUQDFLRQDOVVyQ THVWLRQV TXH KDQHVWDW HVSHFLDOPHQW
GHVHQYROXSDGHV HQ GLFWjPHQV GHO7-8( VREUH OD LQWHJUDFLy GH OHV &RPXQLWDWV (XURSHHV R GH OD 8( HQ G¶DOWUHV RUJDQLW]DFLRQV
LQWHUQDFLRQDOV9HJHX'LFWDPHQ7-&((VSDLHFRQzPLFHXURSHX, >@(&5,'LFWDPHQ7-&( (VSDLHFRQzPLF
europeu II >@(&5,'LFWDPHQ7-&(Espai europeu aeri comú >@(&5,'LFWDPHQ7-8(Tribunal
europeu i comunitari de patents >@(&5,L'LFWDPHQ7-8( $GKHVLyDO&RQYHQL(XURSHXGH'UHWV+XPDQVGH
GHGHVHPEUHGH
/DLGHDGHO SULQFLSLG¶DXWRQRPLDGHOGUHWFRPXQLWDULSHUEpTXH HQUHODFLyDPEHOVHVWDWVPHPEUHVHV WUREDHQOHVVHQWqQFLHV
IXQGDFLRQDOVGHO7ULEXQDOGH-XVWtFLDGHOHV&RPXQLWDWV(XURSHHVVan Gend & LoosL&RVWDF(1(/67-&(&Van Gend &
/RRVFRQWUD1HGHUODQGVH$GPLQLVWUDWLHGHU%HODVWLJHQ>@(&567-&(&&RVWDFRQWUD(1(/>@(&5
$UWLFOH78(
$L[tYHJHXSHUH[HPSOH'LFWDPHQ7-8(Tribunal europeu i comunitari de patents >@(&5,HVSHFLDOPHQWHOV
SDUjJUDIVL6REUHO¶DXWRQRPLDGHOGUHWGHOD8QLyLO¶RUJDQLW]DFLyMXULVGLFFLRQDOYHJHXAZPITARTE SÁNCHEZ
0LJXHO©/D$XWRQRPtDGHO2UGHQDPLHQWRGHOD8QLyQ\ODVµIXQFLRQHVHVHQFLDOHV¶GHVXVLVWHPDMXULVGLFFLRQDOª 7HRUtD\UHDOLGDG
constitucionalQ~PS
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 120
MXULVGLFFLyDXQDOWUHzUJDQGLIHUHQWGHO7-8(SHUzDTXHVWDDWULEXFLyYLRODULDHOSULQFLSL G¶DXWRQRPLDGHO
GUHWGH OD 8(VL O¶zUJDQMXGLFLDOLQVWDXUDW SHO WUDFWDWLQWHUQDFLRQDO GHO TXDOIRUPpV SDUW OD8( WLQJXpV
DOJXQDSRVVLELOLWDW G¶LQWHUSUHWDUHOGUHW GHOD 8(DPEFDUjFWHU GH¿QLWLXR Ep TXH ODLQWHUSUHWDFLyTXH
O¶zUJDQMXGLFLDOLQWHUQDFLRQDOIHVGHOHVQRUPHVDSOLFDEOHVWLQJXpVLQFLGqQFLDHQHOVLVWHPDGHGLVWULEXFLyGH
FRPSHWqQFLHVHQWUHOD8(LHOVHVWDWVPHPEUHVUHJXODWHQHOV7UDFWDWV&RQVWLWXWLXVGHOD8(LVREUHHOVTXDOV
HO7-8(RVWHQWDODPj[LPDDXWRULWDWLQWHUSUHWDWLYD
7HQLQW SUHVHQWV DTXHVWHV FRQGLFLRQV pV SODXVLEOH SHQVDU TXH XQ DFRUG G¶LQYHUVLRQV 8(HVWDWV PHPEUHV
DPEXQWHUFHUHVWDWTXHLQVWDXUpVXQVLVWHPDGHUHVROXFLyGHFRQWURYqUVLHVEDVDWHQWULEXQDOVLQWHUQDFLRQDOV
G¶DUELWUDWJHDPEFRPSHWqQFLDSHUFRQqL[HUOLWLJLVLQYHUVRUHVWDWSRGULDLQIULQJLUHOSULQFLSLG¶DXWRQRPLDGHO
GUHWGHOD8(VL HOWULEXQDO G¶DUELWUDWJHIHV XQDLQWHUSUHWDFLyGHOGUHWRULJLQDULRGHULYDW GHOD 8(VREUHOD
TXDOHO7-8(QRWLQJXpV FDSDFLWDWGH FRQWURO$TXHVWDFRQMXQWXUDFRPMD KHPLQVLQXDW QRpV LPSUREDEOH
TXHV¶HVGHYLQJXLHQ XQVLVWHPDHQHOTXDOHOVODXGHVDUELWUDOV QRVyQVXVFHSWLEOHV GHUHYLVLyMXGLFLDORTXH
DTXHVWDHVWURELPROWOLPLWDGDLTXHSHUWDQWHOVWULEXQDOVGHOVHVWDWVPHPEUHVQRSXJXLQHOHYDUXQDTHVWLy
SUHMXGLFLDOGDYDQWGHO7-8(LQLWDQVROVGHJDUDQWLUO¶effet utile GHOGUHWGHOD8QLy'¶DTXHVWDPDQHUDQRpV
LQFRQFHELEOHTXHXQWULEXQDOLQWHUQDFLRQDO G¶DUELWUDWJHG¶LQYHUVLRQV HVWURELLPSOLFDWHQXQ DPSOLHVSHFWUH
G¶jPELWVVREUHHOV TXDOVHOGUHWGHOD 8(WLQGULDLQFLGqQFLD TXHSRGHQDQDUGHOGUHW GHODFRPSHWqQFLDHQ
UHODFLyDPEDMXGHVG¶HVWDWDODOOLEHUWDW GHPRYLPHQWGHFDSLWDOVRDODSROtWLFDHQHUJqWLFDLTXHGHFLGtVHQ
IXQFLyG¶XQD LQWHUSUHWDFLy GHOHVQRUPHV GHOD8QLy IRUD GHO¶HVSDL MXULVGLFFLRQDO WDQWGHOVWULEXQDOV GHOV
HVWDWVPHPEUHVGHOD8(FRPGHO7-8(
(Q XQ DOWUH VHQWLW UHVSHFWH DOV VLVWHPHV GH UHVROXFLy GH FRQWURYqUVLHV LQYHUVRUHVWDW YDO D GLU TXH HQ
SULQFLSLLFRPMD KHPDYDQoDWQRHV WUREDFRPSURPHVDO¶REOLJDFLyGHOV HVWDWVPHPEUHVGHQR VRWPHWUHOHV
FRQWURYqUVLHVUHODWLYHVDOD LQWHUSUHWDFLy R DSOLFDFLy GHOV WUDFWDWV D SURFHGLPHQWV GLIHUHQWV GHOVSUHYLVWRV
HQHOV 7UDFWDWVDUWLFOH 7)8( MDTXH DTXHVW LPSHUDWLX VROVDIHFWD HOV OLWLJLV HQWUHHVWDWV SHUz QR HOV
HVWDEOHUWVHQWUHSDUWLFXODULHVWDW/DLQWHUYHQFLyG¶DJHQWVSULYDWVHQHOFRQÀLFWHSRW MXVWL¿FDUXQDDWHQXDFLy
GH O¶DEDVW MXULVGLFFLRQDO GHO 7-8( SHUz GLItFLOPHQW VXSRVDUj OD UHQ~QFLD SHU SDUW G¶DTXHVW zUJDQD QR
LQWHUYHQLUGHIRUPD HVWUXFWXUDOHQFRQÀLFWHV TXHLPSOLTXLQXQDLQWHUSUHWDFLyGHOGUHWGHOD8(RTXH SRVLQ
HQTHVWLyO¶H¿FjFLDG¶DTXHVWRUGHQDPHQWMXUtGLF(QTXDOVHYROFDVHQUHODFLyDPEOHVIyUPXOHVG¶DUELWUDWJH
LQWHUQDFLRQDOTXHHQIURQWLQHVWDWVPHPEUHVHO7-8( MDYD WHQLUO¶RSRUWXQLWDW G¶D¿UPDUTXH DTXHVWVHVWDWV
VXEMHFWHVDO¶DUWLFOH7)8(QRSRGHQHVTXLYDUODMXULVGLFFLyGHO7-8(PLWMDQoDQWWULEXQDOVLQWHUQDFLRQDOV
G¶DUELWUDWJHSUHYLVWRVSHUWUDFWDWVLQWHUQDFLRQDOVVLHQODFRQWURYqUVLDHVWUREDLPSOLFDGDODLQWHUSUHWDFLyGHO
GUHWGHOD8QLy$L[tVHJRQVDTXHVWDMXULVSUXGqQFLDHO7-8(LPSHGHL[TXHHOVHVWDWVPHPEUHVUHFRUULQD
6REUHODSRVVLELOLWDW TXHXQDFRUGLQWHUQDFLRQDOSUHYHJLODFUHDFLy G¶XQzUJDQMXULVGLFFLRQDOOHVGHFLVLRQVGHOTXDO YLQFXOLQOHV
LQVWLWXFLRQVGHOD8(LQFOzVHO7-8(VHPSUHTXHHVUHVSHFWLO¶DXWRQRPLDGHOVLVWHPDMXUtGLFGHOD8(YHJHX'LFWDPHQ7-8(
$GKHVLyDO&RQYHQL(XURSHXGH'UHWV+XPDQVGHGHGHVHPEUHGHSDUjJUDIVLLMXULVSUXGqQFLDTXHV¶KLFLWD
$L[t'LFWDPHQ 7-&((VSDL HFRQzPLFHXURSHX, >@(&5 ,SDUjJUDIV L VREUHOD SRVVLELOLWDWTXH QRHV
SHUPHWpVDO 7-8(DSRUWDU ODLQWHUSUHWDFLy GH¿QLWLYDGH GUHWGHULYDW GHOD 8(HQ DVSHFWHVUHODWLXV DOD FRPSDWLELOLWDWHQWUH HOGUHW
GHULYDW8(LHO&RQYHQL(XURSHXGH'UHWV +XPDQVH[DPLQDWVSHO7('+LSHUWDQWLVHJRQVHO7-8( HQLQFRPSOLPHQWGHOSULQFLSL
G¶DXWRQRPLDGHOGUHWGHOD8( YHJHX'LFWDPHQ7-8($GKHVLyDO&RQYHQL(XURSHXGH 'UHWV+XPDQVGHGHGHVHPEUHGH
SDUjJUDIV
9HJHXHQDTXHVWVHQWLW'LFWDPHQ7-&((VSDLHFRQzPLFHXURSHX,>@(&5,SDUjJUDIVL'LFWDPHQ7-8(
$GKHVLyDO&RQYHQL(XURSHXGH'UHWV+XPDQVGHGHGHVHPEUHGHSDUjJUDIV
$TXHVWFDUjFWHU UHIRUoDWHQODGHIHQVD GHO7-8(GHOVHX jPELWMXULVGLFFLRQDOHQ HOVFRQÀLFWHVHQWUHHQV S~EOLFVVREUHOD EDVH
GHODUWLFOH7)8(HVYDFRQVWDWDUHQHO'LFWDPHQ7-8(VREUHO¶DGKHVLyDO&RQYHQL(XURSHXGH'UHWV+XPDQV(O7-8(YD
HQWHQGUHTXHO¶DFRUGG¶DGKHVLy HUDFRQWUDULDO¶DUWLFOH 7)8(HQWDQW TXHDGPHWLDODSRVVLELOLWDW TXHHVSODQWHJpVXQD GHPDQGD
LQWHUHVWDWDOR8(HVWDWPHPEUHGDYDQWGHO7ULEXQDO(XURSHXGH'UHWV+XPDQVSHUYXOQHUDFLyG¶XQGUHWGHO&('+HQUHODFLyDPEGUHW
GHOD8(VHQVHTXHKLKDJXpVXQSURQXQFLDPHQWGHO7-8('LFWDPHQ7-8($GKHVLyDO&RQYHQL(XURSHXGH'UHWV+XPDQVGH
GHGHVHPEUHGHSDUjJUDIV
$L[z V¶HVGHYLQJXpHQ O¶DQRPHQDGD©FRQWURYqUVLDGH ODIjEULFD 02;ª´67-&( &&RPLVVLy FRQWUD,UODQGD >@
(&5 , SDUjJUDIV L VHJHQWV(O FDV HV UHIHULD D XQ OLWLJL TXH HQIURQWDYD ,UODQGD L HO 5HJQH 8QLW HQ UHODFLy DPE OHV
HPLVVLRQVUDGLRDFWLYHVGHODSODQWDGH6HOOD¿HOG$TXHVWDFRQWURYqUVLDDIHFWDYDGRVWUDFWDWVLQWHUQDFLRQDOVTXHSUHYHLHQODSRVVLELOLWDW
GHFRQVWLWXLUWULEXQDOVDUELWUDOVad hocOD&RQYHQFLyGH1DFLRQV8QLGHVGH'UHWGHO0DULOD&RQYHQFLySHUDOD3URWHFFLyGHO0HGL
0DUtDO¶$WOjQWLFGHOQRUGHVW/D &RPLVVLy(XURSHDQRREVWDQWDL[zWRW HQWHQHQWTXHWDPEpKLHUDG¶DSOLFDFLyHO GUHWGHOD8(HQ
PDWqULDGH PHGLDPELHQWYD LQWHUSRVDUXQ UHFXUVG¶LQFRPSOLPHQWFRQWUD OD5HS~EOLFD G¶,UODQGDSHU KDYHUVRWPqVOD GLVSXWDD XQ
WULEXQDOLQWHUQDFLRQDOG¶DUELWUDWJHLQRDO7-&(FRPHVGHULYDGHOV7UDFWDWV&RQVWLWXWLXVDOāOHJDFLyTXHYDVHUHVWLPDGDSHO7-&(
+qFWRU/ySH]%R¿OO
(YROXFLyGHOPDUFFRQVWLWXFLRQDOGHOD8QLy(XURSHDHQODUHJXODFLyGHODLQYHUVLyHVWUDQJHUDGLUHFWD
5HYLVWDFDWDODQDGHGUHWS~EOLFQ~P 121
O¶DUELWUDWJHLQWHUQDFLRQDOHQ GLVSXWHVHQWUHHOOVWUHWTXH DEDQVDTXHVWFRQÀLFWHKDJLHVWDW VRWPqVDOFRQWURO
GHO7-8(
&DO HPIDVLW]DU TXH pV SRF SUREDEOH TXH HO 7-8( DGPHWL DPE FDUjFWHU HVWUXFWXUDO XQD OLPLWDFLy GHO VHX
jPELWMXULVGLFFLRQDOFRPOD TXH HV GHULYDULD G¶XQ SURQXQFLDPHQW HQ XQ GLFWDPHQ VREUH XQDFRUGJOREDO
G¶LQYHUVLRQVFRPO¶DFRUG8(6LQJDSXUTXHHVWUREDSHQGHQWGHUHVROXFLyHQFDUDTXHDTXHVWQRSUHYHLpVXQ
VLVWHPDDUELWUDOGHUHVROXFLy GHGLVSXWHVHVWDWHVWDWVLQy LQYHUVRUHVWDW&RPKHPGLW SHUzODLQFLGqQFLDGH
OHVUHVROXFLRQVGHOVWULEXQDOVLQWHUQDFLRQDOVG¶DUELWUDWJHVREUHHOGUHWGHOD8(VHQVHSRVVLELOLWDWGHFRQWURO
MXGLFLDORPROWOLPLWDGDpVXQDFLUFXPVWjQFLDTXHMDHVSURGXHL[DFDXVDGHODYLJqQFLDGHOV%,7GHOVHVWDWV
PHPEUHVDPEXQWHUFHUHVWDW(QGH¿QLWLYDHOPDWHL[EXLWTXHHVSRWFRSVDUHQO¶H¿FjFLDGHOGUHWGHOD8(
LGHIHW HQXQGHOVSULQFLSLVTXH JDUDQWHL[ODVXEMHFFLyGHO¶HVWDW DOGUHWFRPpVHO FRQWUROMXGLFLDOHQ XQ
IXWXUDFRUGJOREDOG¶LQYHUVLRQVHQWUHOD8(LXQWHUFHUHVWDWpVHOPDWHL[ Gq¿FLWTXHMDHVSRWGHVSUHQGUHGH
O¶DSOLFDFLyGHOVPHFDQLVPHVGHUHVROXFLyGHFRQWURYqUVLHVLQFORVRVHQHOV%,7HQFDUDTXHUDUDPHQWHVWURELQ
LPSXJQDWVSHUOD&RPLVVLyRTXHHVSURPRJXLODVHYDPRGL¿FDFLyRWHUPLQDFLyHQHOVWHUPHVGHO5HJODPHQW
TXHKHPH[SRVDW /DGLIHUqQFLDWDOYHJDGD FRQVLVWLULDHQHOIHW TXHGL¿FXOWDUODUHYLVLy MXGLFLDO
G¶XQDUELWUDWJHLQWHUQDFLRQDOG¶LQYHUVLRQVLODVHYDVXEMHFFLyDOGUHWGH OD8QLyLDODLQWHUSUHWDFLy¿QDO GHO
7-8(SRGULDWHQLUSHOYROXPGHUHODFLRQVFRPHUFLDOVLG¶LQYHUVLyGHOFRQMXQWGHOD8(DPEXQWHUFHUHVWDW
XQHVUHSHUFXVVLRQVHFRQzPLTXHVL¿QVLWRWSROtWLTXHVPROWVXSHULRUVDOHVGLVSXWHVGHULYDGHVG¶XQ%,78QD
SDUWIRQDPHQWDOGHOVLVWHPDHFRQzPLFHQHOFRQWH[WGHODJOREDOLW]DFLyVHULDHVTXLYDDOVPDQGDWVGHO¶HVWDWGH
GUHWTXHYDQDFRPSDQ\DUGHIRUPDGHFLVLYDO¶DSDULFLyGHOFRQVWLWXFLRQDOLVPH (OFDQYLVHQVHHQFDUDVDEHU
FRPHYROXFLRQDUjDOPHQ\VQRKDXULDGHSDVVDUGHVDSHUFHEXW
5 Conclusions
/D WUDQVIHUqQFLD GH FRPSHWqQFLHV D OHV DXWRULWDWV GH OD 8QLy HQ PDWqULD G¶©LQYHUVLy HVWUDQJHUD GLUHFWDª
RSHUDGDDPEHO7UDFWDWGH/LVERDSRWOLPLWDUGHIRUPDGHWHUPLQDQWHOVjPELWVGHGHFLVLyGHOVHVWDWVPHPEUHV
HQPDWqULD GH SROtWLFDHFRQzPLFD L G¶DFFLyH[WHULRU$L[t PDWHL[ O¶DVVXPSFLySHU SDUW GHOD &RPLVVLy GH
OD FDSDFLWDW GH QHJRFLDFLy G¶DFRUGV JOREDOV G¶LQYHUVLy DPE WHUFHUV HVWDWV L GHO &RQVHOO L GHO 3DUODPHQW
HXURSHXVGH FRQFORXUHDTXHVWV DFRUGVSRW WHQLUjPSOLHV UHSHUFXVVLRQVHQO¶RUJDQLW]DFLyGHO SRGHUS~EOLFL
HQO¶RUGHQDFLyGHOVLVWHPDGHIRQWV1RREVWDQWDL[zOHVDXWRULWDWVGHOD8QLyHQFDUDHVWUREHQPROWOOXQ\GH
GHVSOHJDUXQDSROtWLFD G¶LQYHUVLRQVJOREDOPDOJUDWTXHV¶KDJLQFRQFOzVDOJXQVDFRUGV VREUHDTXHVWDVSHFWH
DPEWHUFHUVHVWDWVLHVWLJXLQDSXQWGHUDWL¿FDFLyDOWUHVDFRUGVDPEUHJXODFLRQVVREUHLQYHUVLRQVTXHDIHFWHQ
WRWVHOVjPELWVG¶DTXHVWIHQRPHQLQYHUVLyLQLFLDOUHJXODFLyDPESRVWHULRULWDWDO¶HVWDEOLPHQWGHODLQYHUVLy
HVWjQGDUGVGHWUDFWDPHQWJDUDQWLHVGDYDQWGHO¶H[SURSLDFLyLUHVROXFLyGHFRQÀLFWHV/DLQWHQFLyHQHOQLYHOO
GHJRYHUQGHOD8QLyG¶DYDQoDUHQDTXHVWDOtQLDQRGHYDOXDHOIHWTXHOHVLQFHUWHVHVHQHOVLVWHPDGHGLVWULEXFLy
GHFRPSHWqQFLHVLODWUDGLFLRQDOLPSOLFDFLyGHOVHVWDWVPHPEUHVHQODSROtWLFDG¶LQYHUVLRQVDPEWHUFHUVHVWDWV
DWUDYpV G¶LQVWUXPHQWV GHGUHW LQWHUQDFLRQDO S~EOLFHOV %,7PHQLQ DXQDFRQWLQXwWDW GHOVHVWDWVPHPEUHV
FRPDDFWRUVSULQFLSDOVHQHOGHVHQYROXSDPHQWGHOGUHWG¶LQYHUVLRQV$OPHQ\VOHVPDWHL[HVLQVWLWXFLRQVGH
OD8QLyFRPHV SRWGHGXLUGHO¶HVWUXFWXUDGHOV5HJODPHQWVLVHPEOHQUHFRQqL[HUXQD
IDVHGHFRQYLYqQFLDHQWUHOD SROtWLFDG¶LQYHUVLRQV FDQDOLW]DGDDWUDYpVGHOVHVWDWV PHPEUHVL OHVLQLFLDWLYHV
HQPDWqULDG¶LQYHUVLRQVLPSXOVDGHVGHVGHOD8QLy(QWUHOHVSULQFLSDOVLQFHUWHVHVVREUHODFRPSDWLELOLWDWGH
ODSOXUDOLWDWGHUqJLPVG¶LQYHUVLyHVWUREDHOPHFDQLVPHGHUHVROXFLyGHFRQÀLFWHVLODSRVVLELOLWDWTXHHQOD
SURSHUDIDVHG¶DVVHQWDPHQW G¶DFRUGVJOREDOVG¶LQYHUVLy8(WHUFHUHVWDW V¶DUWLFXOLXQPHFDQLVPHDUELWUDOGH
UHVROXFLyGHFRQWURYqUVLHVLQYHUVRUHVWDW TXHPRGXOLO¶DSOLFDFLyGHOGUHWGHOD8(LHOSULQFLSLG¶DXWRQRPLD
GHO¶RUGHQDPHQW MXUtGLFHXURSHX$L[z GDUUHUQR H[FORXHO ULVFMD SUHVHQWHQ HOVQRPEURVRV %,7H[LVWHQWV
HQWUHHOVHVWDWVPHPEUHVDPEWHUFHUVHVWDWVTXHODPDWHL[DQRFLyG¶HVWDWGHGUHWTXHGLDIHEOLGDVLHOVODXGHV
DUELWUDOVQRHV WUREHQVXEMHFWHV DODSRVVLELOLWDW GHFRQWURO MXGLFLDO6HPEODGLItFLO SHUzTXH ODLQVWDXUDFLy
G¶XQPHFDQLVPHG¶DUELWUDWJHLQWHUQDFLRQDOG¶LQYHUVLRQVLQYHUVRUHVWDWSUHYLVW HQXQDFRUG JOREDO8(WHUFHU
HVWDWVLJXLDFFHSWDWSHO7-8(VLWHQLPHQFRPSWHODVHYDMXULVSUXGqQFLDVREUHODLPSRVVLELOLWDWTXHXQzUJDQ
LQWHUQDFLRQDOGLIHUHQWGHO7-8( WLQJXLO¶~OWLPDSDUDXOD HQODLQWHUSUHWDFLyGHOGUHWGHOD8(LHO VLVWHPDGH
GLVWULEXFLyGHFRPSHWqQFLHV8(HVWDWPHPEUH
6REUH DTXHVWSXQW YHJHXLAVRANOS1LNRV ©'HVLJQLQJDQ ,QWHUQDWLRQDO,QYHVWRUWR6WDWH $UELWUDWLRQ6\VWHP$IWHU 2SLQLRQ
ª$ BUNGENBERG 0DUF L HERRMANN &KULVWRSK HG &RPPRQ &RPPHUFLDO 3ROLF\ DIWHU /LVERQ (XURSHDQ
International Economic Law op. cit.S