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Comparing the Incomparable

A Critical View of the Applicability of the Market Economy Investor Principle to Large Infrastructure Projects

Jakub Kociubiński


Keywords: MEIP, Large Infrastructures

The Market Economy Investor Principle (MEIP) is used to determine whether State intervention is an economically rational investment, carried out under normal market conditions, or whether it constitutes State aid within the meaning of Article 107(1) TFEU. It consists of testing whether a hypothetical, rational private investor would have used its resources in the same manner as the State did. The author is of the opinion that this principle is deficient in assessing large infrastructural projects, and therefore would like to propose its revision. The argument runs that these projects have unique features, making any investment comparison, not only theoretical but also unrealistic and fictitious.
Keywords: MEIP; Comparability; Large Infrastructure Projects; Investment Aid.

Dr hab. Jakub Kociubiński DSc, PhD, LLM – Associate Professor at the Chair of International and European Law, Faculty of Law, Administration and Economics, University of Wrocław <>. The author would like to thank the anonymous reviewers for their helpful and constructive comments that greatly contributed to improving the final version of the paper.


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