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16 Currents: Int'l Trade L.J. 70 (2007-2008)
The Euro-American Court of Arbitration: Can It Compete in the Large Market of International Commercial Arbitration

handle is hein.journals/curritlj16 and id is 70 raw text is: THuoAMEI COURT OF ARBITRTION CAN~~~~~ ITCMEEI H AG IRKTO INERAIOA CME iALAS BITS TION S *KRA WEISM A' 5 I. INTRODUCTION History is a key legitimator in the legal field. No one can compete with tradition without ending up underscoring that one group is a new arrival and another is the established elite, akin to the aristocracy.''' The ICC International Court of Arbitration (ICC Court) is the elite court of international arbitration and, it has gained universal acceptance as a neutral and legitimate institution. The new arrival of the Euro-American Court of Arbitration (Euro-American Court), is subject to challenge by the tradition set by the ICC Court. As its name implies, the Euro-American Court is intended to exploit Spain's unique position as a bridge between Europe and the Americas..2 Yet, like any international arbitration institution, it may administer its proceedings in relation to any commercial dispute, in any part of the world.' Rather than wait for history to legitimize the Euro-American Court's presence, one way to predict the future success of the Court is to examine its rules. After all, the characteristic features of the ICC arbitration rules have remained essentially unchanged over the years.' Part I will provide background on the economic, legislative, and institutional changes within Spain that stimulated the creation of the Euro-American Court. Part II will introduce the four essential factors that a potential party to international arbitration must take into account in choosing the right institution. These factors include the competency of the arbitrators, enforcement mechanisms, cost, and the place of arbitration. Part III, IV, V, and VI will analyze each of the above mentioned factors in relation to the ICC Court and the Euro-American Court. Finally, Part VII concludes that the Euro- American Court is an excellent alternative to the ICC Court for two kinds of arbitrations: (i) disputes between commercial enterprises in two or more countries, one of which is in Latin America; and (ii) any dispute that will be conducted exclusively or primarily in Spanish.' II. BACKGROUND A. SPAIN'S ECONOMIC EXPANSION WITH FOREIGN INVESTMENT Spain's admittance into the European Union (E.U.') on January 1, 1986 was the pivotal event that allowed her to gain the new economic clout she has today.' Once a member of the E.U., Spain adopted the euro and enjoyed many benefits that come with a stronger currency, including lower interest rates and cheap financing.' In response to easily accessible cash, the government deregulated key sectors of society and opened up the private sector.8 Today, Spain is one of the fastest growing economies in the European Union.' The country has had a 3.6% GDP annual increase in the last decade,10 and since 2005 has ranked second in the world for tourism and 17' in the world for foreign direct investment'2 Although Spain was placed on the same level as her other European counterparts, two important factors have contributed to her exceptional economic success. First, the government's efforts to quickly open up the domestic market; and second, the audacity of Spanish companies to use Latin America as training ground, gaining size and management skills. In the spirit of Hernin Cort&s and his conquest of the Americas, the Spanish returned to their former empire in 1999.16 But, this time their object was not as grandiose as a claim to the land; instead, Spanish companies hoped to conquer the market - and that they did. Since the opportune wave of Latin American privatization in 1999, Spain has become m2 Cu'RRL.NTs SU.-,WLR 2007

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