ABSTRACT
The European Union is built on the foundation of the so-called Four Freedoms, the right of free movement of Goods, Persons, Capital and Services. The Treaty of Rome, in its original form, contained very broad provisions recognising these freedoms, though it is fair to say that in the years between 1957 and 1985 the full extent of the freedoms conferred by the Treaty were not always recognised. The free movement of goods was the area in which most progress was made through the jurisprudence of the European Court of Justice, perhaps because this is the area where the principles are easiest to state and where the Treaty contained provisions which were obviously capable of direct application. The question of payment is, however, only part of the free movement of capital, the other being freedom to make capital transfers for the purposes of investment.
