The Market Economy Investor Test in EU State Aid Law

Book excerpt: Introduction --The Dual Capacity of State and the MEIP --AG Lenz's View on the Applicability of the MEIP --Hytasa: Making a Distinction between the Two Capacities of the State --The Relation between the Fulfilment of Obligations, Which the State Assumed as a Public Authority, and the Exercise of Public Powers --The Applicability of the MEIP Post-EDF --The Applicability of the MEIP to Measures That Were Adopted in Relation to the 2008 Financial Crisis --The Applicability of the MEIP to the Financing of Services of General Economic Interest --Preliminary Remarks --Economic and Non-economic Objectives Pursued by a Public Investor --From Whose Perspective Should One Verify the Profitability of a State Intervention? --What Rate of Return Is Required under the MEIP and How to Calculate It? --In Search of the 'Right' Benchmark of the MEIP in a Given Case --When Should the Profitability Analysis Be Undertaken and Why? --The Test of Concomitance under the MEIP --The MEIP and Its Subtypes --The Judicial Review of Cases concerning the MEIP --Criticism of the MEIP --Conclusions.