Abstract
The concept of investment agreements is unique to international law.Although such agreements are concluded between states, the rights arising thereunder are granted to investors as individuals. If a breach of any standard guaranteed under the respective agreement occurs, the investor can resort to international arbitration initiated directly against the concerned state.Acts of the Czech National Bank as a state body are attributable to the Czech Republic under international law, therefore its conduct may result in a breach of investment protection and consequently in a breach of international law.
The article examines areas of potential violations of the most important investment standards by activities of the Czech National Bank, especially their possible impacts on protection of legitimate expectations and prohibition of expropriation without compensation. On the basis of the analysis, the article points out possible risks which can arise with regards to measures adopted by central banks in the light of international investment law.