Európai aranyrészvény : idejétmúlt elképzelés vagy csodaszer?

The European common talk was ruled by the question of golden shares in the ’90s and 2000s. Several countries’ legal system, also the Hungarian one, contained this entity. The European institutions, especially the Commission definitely opposed it from the beginning. The legal dispute was solved by the rulings of the ECJ which left relatively small room for the Member States to use this device. Thus, the golden shares were gradually expelled from the legal systems of the Member States which facilitated investors from third countries to gain control in European strategic firms, typically from Russia, China and Middle Eastern countries. The words of Advocate General Colomer started to become true: by abolishing golden shares, the renationalization of privatised companies was the only chance for Member States to regain control. But it is completely the opposite of the European concept which promotes privatization, the protection of capital investments and undistorted market. Hence, the European Union had to respond to the new challenges: Commissioner Mandelson urged European leaders to consider the introduction of European golden shares which would ensure appropriate defence against acquisitions from non-EU countries. European protectionism? There is no free movement of capital in case of third countries? These were the most important questions regarding this issue. Despite the big announcement, the idea slowly fell into oblivion. Is it still relevant now? In my study, I search for the answer whether it is worth introducing European golden shares. Despite the public belief, protectionism on European level is possible: within the frame of common agricultural policy, the European agricultural market is protected by several market devices, for instance by customs. In my study, the case of Sovereign Wealth Funds (SWFs) is also analysed. Besides, I have to emphasise that we should take into account the reasons for introducing golden shares, furthermore the regulations of the Member States known from the case law. In my opinion, the European Union can no longer be neutral to investments coming from third countries, especially in the current geopolitical situation. Would the European golden shares be suitable device for that purpose