European court of justice: Free movement of capital

The free movement of capital case law guide is part of a series of guides concerning the case law of the European Court of Justice. To date, this series includes guides on Articles 49 et seq. TFEU (freedom of establishment), Articles 56 et seq. TFEU (freedom to provide services) and Articles 63 et seq. (freedom of capital movements).

These guides have been drafted by two European Commission Directorates, namely  Directorate-General for Financial Stability, Financial Services and Capital Markets Union
and Directorate-General for Growth.


The present guide concerns Articles 63 et seq. of the Treaty on the Functioning of the European Union and its aim is to explain the meaning and the scope of the rules on free movement of capital through the wording of the European Court of Justice. It does not strove to be a comprehensive collection of jurisprudence on capital movements, but only a practical orientation tool at the service of academics and practitioners of the topic.

Although it is possible to follow the hyperlink to consult the complete text of the judgements, the guide presents the landmark decisions in a practical way as it gathers together the essential passages of the judgements organising them by topic.

In order to show the essential passages of the judgement, without ignoring their context, the reasoning of the European Court of Justice is given without alteration; however, the key words are highlighted in bold. Moreover, to the extent necessary to clarify the meaning of certain sentences, some worlds in brackets might be added. It must be pointed out that this method of presentation does not commit the European Court of Justice, only the editors.