The application of the free movement of capital has been progressive, distinguishing three phases: the sixties, the eighties and the definitive regime in 1994.
First directive on capital (1960) eliminated restrictions on certain types of private and commercial capital movements:
Real state acquisitions and the acquisitions of securities traded on the stock market.
Short / Medium term credits related to comercial operations.
Some other member states went further introducing unilateral national measures that abolished all restrictions on capital movements ( like Germany or UK).
These restrictions helped to achieve a greater progress and general liberalization in the single market.
Later in 1988 a new directive eliminated internal restrictions between the member states in relation to the movement of capital, and as a result of those restrictions the financial space in the European Union was developed.
And finally in 1994 the definitive regime enters into force stipulating restrictions and exceptions mainly considered for capital movements related to third countries, for example all member states will be able to maintain the existing restrictions with third countries (Art. 64 of TFUE). In this way it is clear that for third countries this freedom does not extend to the right of establishment or the provision of financial services unless the member states allows it.
As a result of all the regimes and restrictions that have been applied since 1960 until 1994 we can say that The freedom of movement of capital has been the latest freedom but the widest that exists in the European Union as it also extends to third countries.