ECJ Determines “Only in Belgium” Excess Profit Ruling Practice Constitutes Aid Scheme, but Did It Provide Illegal Aid?

In this article, the author analyses the ECJ’s decision in European Commission v. Kingdom of Belgium and Magnetrol International (Case C-339/19), a case concerning the Belgian excess profit ruling practice and the question of whether the EU Commission had rightly qualified the excess profit exemption as an “aid scheme” giving rise to illegal State aid.