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  • Book
  • Open Access
  • © 2020

From Bilateral Arbitral Tribunals and Investment Courts to a Multilateral Investment Court

Options Regarding the Institutionalization of Investor-State Dispute Settlement

  • Presents the first comprehensive legal analysis of the feasibility of creating a Multilateral Investment Court

  • Addresses the various requirements for a new multilateral investment court system, from the institutional setup to the enforcement of decisions

  • Concentrates on a strict rule-of-law orientation during the institutional setup of a Multilateral Investment Court

  • Includes supplementary material:

Part of the book series: European Yearbook of International Economic Law (EUROYEAR)

Part of the book sub series: Special Issue (Spec. Issue)

Buying options

Softcover Book USD 59.99
Price excludes VAT (USA)
Hardcover Book USD 59.99
Price excludes VAT (USA)

Table of contents (9 chapters)

  1. Front Matter

    Pages i-xiv
  2. Executive Summary

    • Marc Bungenberg, August Reinisch
    Pages 1-8Open Access
  3. Introduction

    • Marc Bungenberg, August Reinisch
    Pages 9-15Open Access
  4. Targets for the Reorganisation of the Investment Protection Regime

    • Marc Bungenberg, August Reinisch
    Pages 17-27Open Access
  5. Design and Implementation of a Two-Tiered MIC

    • Marc Bungenberg, August Reinisch
    Pages 29-115Open Access
  6. Applicable Law

    • Marc Bungenberg, August Reinisch
    Pages 117-148Open Access
  7. The Pronouncement of Decisions and Its Consequences

    • Marc Bungenberg, August Reinisch
    Pages 149-154Open Access
  8. Recognition and Enforcement of Decisions

    • Marc Bungenberg, August Reinisch
    Pages 155-173Open Access
  9. Standalone Appeal Mechanism: “Multilateral Investment Appeals Mechanism” (MIAM)

    • Marc Bungenberg, August Reinisch
    Pages 197-216Open Access
  10. Back Matter

    Pages 217-222

About this book

This open access book considers the potential setup for a future Multilateral Investment Court (MIC). The option of an MIC was first discussed by the EU Commission in 2016 and has since been made an official element of the EU Common Commercial Policy. In 2017, UNCITRAL also decided to discuss the possibility of an MIC, and on 20 March 2018, the Council of the EU gave the EU Commission the mandate to negotiate the creation of an MIC. The “feasibility study” presented here is intended to contribute to a broader discussion on the options for a new international court specialized in investment protection. The cornerstones of such a new permanent court are a strict orientation on the rule of law, reduced costs of investment protection, transparency considerations, aspects of consistency in case law, and the effective enforceability of MIC decisions.


  • Bilateral Arbitral Tribunals
  • Investment Courts
  • Multilateral Investment Courts
  • Investor-State Dispute Settlement
  • Open access

Authors and Affiliations

  • Faculty of Law, Saarland University, Saarbrücken, Germany

    Marc Bungenberg

  • Faculty of Law, University of Vienna, Vienna, Austria

    August Reinisch

About the authors

Marc Bungenberg is Director of the Europa-Institut and a professor of European law and public international law at Saarland University/Germany as well as permanent visiting professor at the University of Lausanne/Switzerland. His main fields of research are European (Common Commercial Policy, public procurement and state aid law) and international economic law, particularly international investment and WTO law, including especially trade remedies.

August Reinisch has been a professor of international and European law at the University of Vienna since 1998. He currently serves as Head of the Section of International Law and International Relations and as Director of the LL.M. Program in International Legal Studies. He is a Member of the International Law Commission, a membre associé of the Institut de droit international, President of the Austrian Branch of the ILA and President of the German Society of International Law. He has served as arbitrator in investment cases mostly under ICSID and UNCITRAL Rules.

Bibliographic Information

Buying options

Softcover Book USD 59.99
Price excludes VAT (USA)
Hardcover Book USD 59.99
Price excludes VAT (USA)