Summary of this presentation:

• "Labeling is no substitute for careful textual analysis"*, i.e., no "plain vanilla" umbrella clauses.
• No coherence in current case law: range of issues to be "settled".
• Contrary to any mistaken impression, "effective ordinary meaning" approach is not intended to be pro -investor (or for that matter, pro-State) -it seeks respect for the rules of interpretation set down in the Vienna Convention, which are generally considered to be reflective of customary international law.