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This article analyses constitutional changes and policy consequences concerning the transfer to the supranational level of an external competence in the field of investment resulting from the Treaty on the Functioning of the European Union (TFEU). It states that EU Member States lose their competence to conclude investment treaties and to analyse legal innovations at the EU level. The new comprehensive European investment policy may enable the EU to utilize its leverage to negotiate favourable terms with non-Member States and consistency in protection standards worldwide, leading to an even (as well as a superior) playing field for EU investors. This horizon, however, is darkened by technical, but important, issues of investment treaties implementation and the uncertain future of existing investment treaties signed by Member States. This article shows that these legal innovations offer a rich canvas …