State Aid Law Blog

State Aid Uncovered Blog

In Lexxion’s State Aid Uncovered blog, Prof. Phedon Nicolaides publishes weekly critical analyses of recent State aid judgments and decisions. Each post presents the key points of a court judgment or EU Commission decision, places it in the context of similar case law or practice, assesses the underlying reasoning and highlights any inconsistencies or contradictions.

Guest contributions from other State aid experts will also be published on the blog at irregular intervals to complement the content of the blog posts.

Subscribe now!

- capital injection ×

4. August 2026  |   by Phedon Nicolaides

Capital Injections that Conform with the Market Economy Operator Test
State Aid Blogs - freight train europe State Aid Uncovered photos website
Executive Summary: A private market investor carries out an ex ante profitability analysis before it invests in a company. State investments made on pari passu terms with other private investors are free of state aid. Even if a public authority invests in a company as a means of pursuing a public policy objective, the terms of its investment may still […]
read more
No Comments
23. June 2026  |   by Phedon Nicolaides

State Intervention to Remedy Market Failure Does not Have to Involve State Aid
State Aid Blogs - bank State Aid Uncovered photos website 1
Executive Summary: State aid may remedy market failure but may also cause “crowding out” of market-based activities. The possibility of crowding out can be minimised by channelling state aid to riskier or less profitable activities which receive less funding from market operators. The state may also invest with instruments that are free of state aid even where market operators are […]
read more
No Comments
8. September 2020  |   State Aid Uncovered by Phedon Nicolaides

State Control without State Imputability
State Aid Blogs - Postnord
A snapshot of Covid-19 State aid Number of Covid-19 approved measures1, 2 [EU27 + UK, 4 September 2020] 19-15 13-11 9-7 6-4 BE CZ DK IT PL DE FR HU LV NL BG EL FI IE LT LU MT RO SE SK UK AT CY EE ES HR PT SI Source: DG Competition, author’s own calculations 1: Data exclude amendments […]
read more
No Comments
11. March 2020  |   State Aid Uncovered by Phedon Nicolaides

Financial Transactions between the State and Banks with No State aid
State Aid Blogs - StateAidHub blogpost10 state guarantees
Capital injections, state guarantees and loans granted to banks can be free of State aid if they are priced at market rates which reflect the risk borne by the state. Introduction If banks can obtain capital, loans and guarantees from the state at market rates why don’t they go directly to the market? No one has yet given a satisfactory […]
read more
No Comments
16. July 2014  |   State Aid Uncovered by Phedon Nicolaides

Capital Injection that Turns out to be Incompatible State Aid
skiing equipment
Public authorities and the entities they control need to ensure that injection of public money in an undertaking must satisfy the market economy investor principle, otherwise it will be considered to be State aid. Public funding of an undertaking in difficulty has to be preceded by an ex ante assessment that can show that either the recipient will be turned around […]
read more
No Comments

- capital injection ×

4. August 2026  |   by Phedon Nicolaides

Capital Injections that Conform with the Market Economy Operator Test
State Aid Blogs - freight train europe State Aid Uncovered photos website
Executive Summary: A private market investor carries out an ex ante profitability analysis before it invests in a company. State investments made on pari passu terms with other private investors are free of state aid. Even if a public authority invests in a company as a means of pursuing a public policy objective, the terms of its investment may still […]
read more
No Comments
23. June 2026  |   by Phedon Nicolaides

State Intervention to Remedy Market Failure Does not Have to Involve State Aid
State Aid Blogs - bank State Aid Uncovered photos website 1
Executive Summary: State aid may remedy market failure but may also cause “crowding out” of market-based activities. The possibility of crowding out can be minimised by channelling state aid to riskier or less profitable activities which receive less funding from market operators. The state may also invest with instruments that are free of state aid even where market operators are […]
read more
No Comments
8. September 2020  |   State Aid Uncovered by Phedon Nicolaides

State Control without State Imputability
State Aid Blogs - Postnord
A snapshot of Covid-19 State aid Number of Covid-19 approved measures1, 2 [EU27 + UK, 4 September 2020] 19-15 13-11 9-7 6-4 BE CZ DK IT PL DE FR HU LV NL BG EL FI IE LT LU MT RO SE SK UK AT CY EE ES HR PT SI Source: DG Competition, author’s own calculations 1: Data exclude amendments […]
read more
No Comments
11. March 2020  |   State Aid Uncovered by Phedon Nicolaides

Financial Transactions between the State and Banks with No State aid
State Aid Blogs - StateAidHub blogpost10 state guarantees
Capital injections, state guarantees and loans granted to banks can be free of State aid if they are priced at market rates which reflect the risk borne by the state. Introduction If banks can obtain capital, loans and guarantees from the state at market rates why don’t they go directly to the market? No one has yet given a satisfactory […]
read more
No Comments
16. July 2014  |   State Aid Uncovered by Phedon Nicolaides

Capital Injection that Turns out to be Incompatible State Aid
skiing equipment
Public authorities and the entities they control need to ensure that injection of public money in an undertaking must satisfy the market economy investor principle, otherwise it will be considered to be State aid. Public funding of an undertaking in difficulty has to be preceded by an ex ante assessment that can show that either the recipient will be turned around […]
read more
No Comments

- capital injection ×

4. August 2026  |   by Phedon Nicolaides

Capital Injections that Conform with the Market Economy Operator Test
State Aid Blogs - freight train europe State Aid Uncovered photos website
Executive Summary: A private market investor carries out an ex ante profitability analysis before it invests in a company. State investments made on pari passu terms with other private investors are free of state aid. Even if a public authority invests in a company as a means of pursuing a public policy objective, the terms of its investment may still […]
read more
No Comments
23. June 2026  |   by Phedon Nicolaides

State Intervention to Remedy Market Failure Does not Have to Involve State Aid
State Aid Blogs - bank State Aid Uncovered photos website 1
Executive Summary: State aid may remedy market failure but may also cause “crowding out” of market-based activities. The possibility of crowding out can be minimised by channelling state aid to riskier or less profitable activities which receive less funding from market operators. The state may also invest with instruments that are free of state aid even where market operators are […]
read more
No Comments
8. September 2020  |   State Aid Uncovered by Phedon Nicolaides

State Control without State Imputability
State Aid Blogs - Postnord
A snapshot of Covid-19 State aid Number of Covid-19 approved measures1, 2 [EU27 + UK, 4 September 2020] 19-15 13-11 9-7 6-4 BE CZ DK IT PL DE FR HU LV NL BG EL FI IE LT LU MT RO SE SK UK AT CY EE ES HR PT SI Source: DG Competition, author’s own calculations 1: Data exclude amendments […]
read more
No Comments
11. March 2020  |   State Aid Uncovered by Phedon Nicolaides

Financial Transactions between the State and Banks with No State aid
State Aid Blogs - StateAidHub blogpost10 state guarantees
Capital injections, state guarantees and loans granted to banks can be free of State aid if they are priced at market rates which reflect the risk borne by the state. Introduction If banks can obtain capital, loans and guarantees from the state at market rates why don’t they go directly to the market? No one has yet given a satisfactory […]
read more
No Comments
16. July 2014  |   State Aid Uncovered by Phedon Nicolaides

Capital Injection that Turns out to be Incompatible State Aid
skiing equipment
Public authorities and the entities they control need to ensure that injection of public money in an undertaking must satisfy the market economy investor principle, otherwise it will be considered to be State aid. Public funding of an undertaking in difficulty has to be preceded by an ex ante assessment that can show that either the recipient will be turned around […]
read more
No Comments

Subscribe to our newsletter for updates on legal developments, upcoming conferences, workshops, and publications in your areas of interest.

Newsletter: Subscribe now