Umfang und Grenzen der Freiheit des Kapitalverkehrs

One of the most important foundation stones of the European Union is that it is possible to transfer and acquire across frontiers cash, securities, credit, real estate or undertakings. Freedom of capital movements was regulated afresh in the Treaty of Maastricht. Under these provisions, complete freedom for capital movements is envisaged. However on the other hand, in exceptional cases, limitative measures reaching as far as foreign exchange control are possible. This work starts off by going into the degree of basic freedom. Against this backcloth it checks the limitations which used to exist and to a certain extent still do. In so doing, it forges a device which makes it possible to ascertain to what extent a national measure has infringed upon freedom of capital movements. The author also investigates under which crisis situations restrictions upon movements of capital are possible. The work is directed at all parties interested in European law and currency policy. In a host of individual instances, such as tax issues, it also proposes solutions. The author works, in the field of investment banking, for a major European bank.