This is the first monograph dealing with the question whether investment arbitration pursuant to international investment agreements concluded by the EU offer a level of protection for investors and state parties that is reduced as compared to the level of protection offered by regular BITs. The conclusion is arrived at that dispute settlement pursuant to EU international investment agreements does in fact offer a level of protection that is lower than the level of protection offered by regular BITs. Key reasons for this lower level of protection are issues relating to the enforcement of arbitral awards and gaps at the level of primary obligations of the EU and its Member States. The most important factor here, however, is the legal uncertainty caused by the fact that the dispute settlement procedures included in the EU investment protection agreements concluded so far do not comply with the requirements of the CJEU.