The chapter examines the evolution of free movement of capital in the EU. It begins by offering a broad overview, focusing in particular on the interplay between the various actors in the political and legal system of the Union. It then moves to investigating how the Court’s approach to restrictions has developed and notes the tension between regulatory and tax matters. Finally, it seeks to analyse the application of the freedom to capital movements between the EU and third countries. The argument is that in the early years the Member States acted as the driving force. Since the mid-1990s, the Court has come to play a more prominent part, following the rewriting of the free movement of capital rules. However, more recently it has shown a willingness to moderate its jurisprudence. Currently, both the euro crisis and the return of intense great power rivalry at the global stage are shaping the regulatory environment.