Rechtsfortbildung durch Investitionsschiedsgerichte

In order to convey credibility and acceptance by society as a whole, the system of Investor-State arbitration must establish mechanisms creating a certain predictability and comparability of its decisions. This can only be achieved by coherence concerning prerequisites of claims and by a certain consistency of decision-making. Is the development of international law by Investor-State arbitration tribunals the appropriate instrument for this taking into account the specifics of investment law? The author analyses this with regard to the development of moral damages in investment law for which there is as yet no coherent approach and develops recommendations for Investor-State arbitration tribunals when facing moral damages.