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There is no free movement of companies in the EU. National authorities have been able to restrict the activities of foreign companies and it has not been possible to reincorporate under the company laws of another member state. Company law harmonization and the ECJ's case law on the right of establishment and on services has made only limited progress. A major step forward was taken in the ECJ's pivotal "Centros" decision. After "Centros" Member States cannot refuse to recognise a company incorporated under the laws of another Member State, raising concerns about issues such as the protection of shareholders and creditors and whether we are heading for a European "Delaware", with a regulatory race to the bottom. This book brings together experts on European company law for a thorough analysis of the effects of the extension of the right of establishment.