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Capital Movements: On the Interpretation of Article 73b of the EC Treaty: ECJ, Manfred Trummer, Peter Mayer, Case C-222/97, Judgement, 16 March 1999

Capital Movements: On the Interpretation of Article 73b of the EC Treaty: ECJ, Manfred Trummer,... Legal Issues of Economic Integration 27(2): 195­200, 2000. © 2000 Kluwer Law International. Printed in the Netherlands. Capital Movements: On the Interpretation of Article 73b of the EC Treaty ECJ, Manfred Trummer, Peter Mayer, Case C-222/97, Judgement, 16 March 1999 By * 1. Introduction The Trummer and Mayer case is important for enunciating the scope and width of the capital provisions of Articles 56 et seq. EC (ex Article 73B et seq.).1 In this case, the Court investigated whether a certain transaction (i.e., the creation of a mortgage to secure a debt payable in the currency of another Member State) falls within the scope of Article 56 EC. In addition, the case finds importance in the manner by which a restriction of a capital movement is defined by the Court. Finally, this case addresses the question of whether or not the national measure can be justified if it indeed constitutes a restriction. It is worth noting that the Treaty provisions concerning capital explicitly include third countries. Therefore, the judgement not only affects EC Member States but also third countries and their citizens. 2. Factual and legal background The Supreme Court (Oberster Gerichtshof ) of Austria referred a question http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Legal Issues of Economic Integration Kluwer Law International

Capital Movements: On the Interpretation of Article 73b of the EC Treaty: ECJ, Manfred Trummer, Peter Mayer, Case C-222/97, Judgement, 16 March 1999

Legal Issues of Economic Integration , Volume 27 (2) – Jan 1, 2000

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Publisher
Kluwer Law International
Copyright
Copyright © Kluwer Law International
ISSN
0377-0915
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Abstract

Legal Issues of Economic Integration 27(2): 195­200, 2000. © 2000 Kluwer Law International. Printed in the Netherlands. Capital Movements: On the Interpretation of Article 73b of the EC Treaty ECJ, Manfred Trummer, Peter Mayer, Case C-222/97, Judgement, 16 March 1999 By * 1. Introduction The Trummer and Mayer case is important for enunciating the scope and width of the capital provisions of Articles 56 et seq. EC (ex Article 73B et seq.).1 In this case, the Court investigated whether a certain transaction (i.e., the creation of a mortgage to secure a debt payable in the currency of another Member State) falls within the scope of Article 56 EC. In addition, the case finds importance in the manner by which a restriction of a capital movement is defined by the Court. Finally, this case addresses the question of whether or not the national measure can be justified if it indeed constitutes a restriction. It is worth noting that the Treaty provisions concerning capital explicitly include third countries. Therefore, the judgement not only affects EC Member States but also third countries and their citizens. 2. Factual and legal background The Supreme Court (Oberster Gerichtshof ) of Austria referred a question

Journal

Legal Issues of Economic IntegrationKluwer Law International

Published: Jan 1, 2000

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