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The rise of the ‘golden’ age of free movement of capital: A comment on the golden shares judgments of the Court of Justice of the European Communities

This case note comments on three important judgments delivered by the Court of Justice of the European Communities (full court) on 4 June 2002, concerning restrictions on the acquisition of shares in companies in Portugal (Case C-367/97), France (Case C-483/99) and Belgium (Case C-503/99) in relation to the free movement of capital guaranteed by the EC Treaty. In doing so, it analyses these judgments from two angles. First, it scrutinises the legal reasoning of the Court, particularly with regard to the recognition of the free movement of capital as a fully-fledged freedom and the relationship between capital movements and the freedom of establishment. Second, it considers the practical consequences of the judgments for Member States. While noting some minor problems of interpretation in relation to the judgments, this case note assesses whether the Member States retain some control over the acquisition of share capital in strategic companies.