Enforcing an icsid Award Issued in an Intra-EU Investment Arbitration: An Italian Law Perspective

Abstract

As a consequence of the cjeu’s decisions in Achmea, Komstroy, and pl Holdings, the enforcement of intra-EU investment awards has now become subject to serious challenges based on EU law. At the same time, the enforcement system under the icsid Convention is designed to prevent challenges at the enforcement stage. The article analyzes the potential clash between contrasting obligations under EU law and international law from the perspective of Italian law. To this end, it draws from the experience of other EU courts in the context of the Micula saga as well as from the only available example of enforcement of an icsid award in Italy. The article considers the various possible approaches to the intra-EU issue and then examines the compatibility of the icsid enforcement system with the Italian Constitution.