The European Commission announced last week that it has decided to send reasoned opinions to Denmark, Austria, Finland and Sweden because Bilateral Investment Treaties (BITs) that they signed with non-EU countries before joining the European Union are incompatible with the EU Treaty.
BITs contain provisions permitting the free transfer of funds relating to investments between the signatory countries. According to EC figures, Sweden has 17 such BITs, Finland eight, Austria six and Denmark one.
In the Commission’s view these clauses cut across the EU Council of Ministers’ exclusive powers to adopt on behalf of the EU as a whole measures on the movement of capital to and from non-EU countries.
"Member States are obliged...to take all appropriate steps to eliminate such incompatibilities with the EU Treaty arising from international agreements they have concluded before their accession," it announced in a statement.
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