International investment law has been the subject of many reforms especially in this last decade. The reason for reform has been recent economic crises and, in Europe, the recent global downturn. In fact, in the new generation international investment agreements and more generally in the newly drafted investment law legislation there are novel formulations of substantive and procedural standards, including provisions and policy Statements explicitly referring to the financial sector and economic crises. The EU also is setting its own standards. It is not to be underestimated the fact that the EU is exercising its competence in the aftermath of a severe economic and financial crisis. It is therefore not surprising that in its investment agreements, the Union expressly wishes to safeguard the host economy’s right to regulate in the face of economic crises. With its new investment policy, the Union seeks to achieve a ‘better balance’ between the State’s right to regulate and investment protection and to design ‘clearer and better standards’. Finally, one of the most important EU’s policy goal has been to increase transparency in Investor-State Dispute System.
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