'Ökonomischer Patriotismus' in Zeiten regionaler und internationaler Integration

Today, the importance of Foreign Direct Investment (FDI) is recognized nearly universally. But when it comes to inbound FDI in the form of cross-border mergers and acquisitions, states see their interests affected. Whereas in some countries the preference of domestic over foreign ownership is restricted to the field of national security, some governments seem to discover a general threat attributed to takeovers from abroad. Accordingly, an increasing number of states have installed control mechanisms which aim at screening cross-border takeovers as to their compatibility with national interests. This inquiry comprises a legal and an economic analysis: First, an inventory of national policy instruments is made. Second, it is examined to what extent national control instruments are compatible with international economic law including Regional Integration Agreements. Third, the economic goals of government interference are identified and confronted with the actual motivation behind state interference. The paper concludes with some policy proposals.