Lessons from Luxembourg

Sometimes Luxembourg provides something for all. The European Court of Justice’s ruling on the parameters of free trade agreements – which determined that only parts of FTAs required ratification at a national level – made nearly everyone happy.

The European Commission was delighted by its confirmed ability to agree trade deals on an EU level. But rebellious Walloons – who held a free trade deal with Canada hostage – welcomed the news that they could still make mischief over some issues such as investor-state dispute settlement mechanisms.