New publications

Bungenberg/Reinisch - New Frontiers for EU Investment Policy

A new EYIEL Special Issue titled “New Frontiers for EU Investment Policy. External and Internal Dimensions”, edited by Marc Bungenberg and August Reinisch, has been published by Springer in January 2024. This EYIEL Special Issue constitutes a collective volume that contains 10 contributions analysing the newest developments in EU investment policy in its internal and external dimension. Taken together, these 10 contributions show that the EU follows a multi-layered approach towards investment protection, which might be controversial or even contradictory at times. It also demonstrates how the EU is able to shape international investment law, inter alia, by burying intra-EU investment arbitration, by imposing new standards for Member States’ BITs and by guiding the multilateral reform efforts. Besides the two editors, numerous authors, such as Christoph Schreuer, Christoph Herrmann, Tim Ellemann, Christina Binder, Philipp Janig, Patricia Nacimiento, Catherine Kessedjian, Nikos Lavranos, Bianca Böhme, Lars Ruf, Nicolaj Kuplewatzky, Yuriy Pochtovyk and Lukas Stifter have contributed to this book, which is now available via the following link: 


Bungenberg/Reinhold - Investitionskontrollrecht

For the first time, this work contains a standardised presentation of the German investment control system, including its European influences and requirements, which can be used to regulate foreign investments in Germany. Despite its high practical relevance, there are currently still major uncertainties regarding the application of the reformed investment control system.

To this end, the handbook primarily presents the basic structure, with a particular focus on the link between the German regulations and European law. 


  • Introduction
  • Subject matter of German investment control
  • Publicly discussed case studies
  • Overall economic and legal framework of German investment control
  • Formal and substantive legality of prohibition orders
  • Legality requirements vis-à-vis procedural decisions of the BMWK
  • Judicial review in the context of investment control

Asian Yearbook of International Economic Law (AYIEL)

Prof. Dr. Marc Bungenberg is involved in this year's edition of the 'Asian Yearbook of International Economic Law (AYIEL)' as a series editor. 
The Yearbook is generally devoted to international economic law with a focus on Asia and the Pacific region, which is considered one of the engines of the world economy and hosts a large number of economies with different levels of development, economic policies and jurisdictions. Nevertheless, the Yearbook is not limited to issues and developments in international economic law in Asian countries, but rather includes current articles on the latest issues in international law, regional and domestic law related to economic governance and integration, analyses of leading cases, book reviews, and documentation.



Weiß/Ohler/Bungenberg, Welthandelsrecht, 3. Auflage 2022

The work is one of the few German-language explanations of all important aspects of world trade law. It enables rapid familiarization and is a perfect reference work for practical use.

From the contents:

  •     WTO in difficult times
  •     Basic principles of multilateralism
  •     Dispute settlement procedures
  •     Rules on trade in goods and technical barriers to trade
  •     Regional integration
  •     Trade defence instruments
  •     International monetary system
  •     Investment and investment protection
  •     Trade in services and intellectual property protection
  •     Developing countries
  •     E-commerce and digital trade
  •     Human rights, environmental and social standards
  •     Future of the WTO

The 3rd edition has been thoroughly updated and revised in light of the crisis-ridden new challenges to the WTO and multilateralism, global digitalization, and relevant case law developments.


CETA Investment Law - Article-by-Article Commentary

This article-by-article Commentary of the Comprehensive Economic and Trade Agreement (CETA) edited by Marc Bungenberg and August Reinisch is now available at Nomos Verlagsgesellschaft, C.H. Beck and Hart Publishing. The CETA Commentary will be a key resource for practitioners and academics in the field of EU investment protection law.


The Canada-European Union Comprehensive Economic and Trade Agreement (CETA) has been called a game-changer. In the investment chapter, CETA has introduced a number of key innovations, inter alia

  • the investment court system with an appellate tribunal
  • guidelines on third party funding
  • transparency and information sharing
  • modern versions of standards of protection
  • detailed provisions on reservations and exceptions.

Considering that the new dispute resolution provisions in this chapter have also passed the scrutiny of the Court of Justice of the European Union, it is expected that CETA's investment chapter will serve as a blueprint for future EU investment agreements.


Draft Statute of the Multilateral Investment Court

Nomos has published the first edition of the "Draft Statute of the Multilateral Investment Court" by Prof. Marc Bungenberg and Prof. August Reinisch. For the first time, a complete draft agreement for the design of a Multilateral Investment Court (MIC) implementing strict rule of law requirements for dispute settlement is presented. The draft also addresses cornerstones such as reduced costs, a permanent bench of judges with an appellate system, transparency, more consistency in case law as well as the effective enforceability of MIC decisions.


The book is freely available for downloading (here). 


The second edition of the study "From Bilateral Arbitral Tribunals and Investment Courts to a Multilateral Investment Court" by Marc Bungenberg and August Reinisch is now freely available due to its open access (PDF). 


The study explores the option of an institutionalized as well as multilateralised investor-state dispute settlement mechanisms. This second edition is intended to contribute to a broader discussion on the option of establishing a new international special court of investment protection. The "cornerstones" of such a new permanent court are its strict rule of law-orientation, which includes the highest demands on the judicial appointment procedure as well as on the personal integrity, independence and qualification of the judges. Second, the costs should be significantly lower compared to the status quo. Third, transparency consideration and aspects of consistency of case law should receive particular attention. Fourth, decisions of an MIC would have to be effectively enforceable. All in all, this study shows that an institutionalized form of investor-state dispute settlement is possible.