The government proposes Nadia Calvino as the chairman of the European Investment Bank

The government this Friday officially nominated First Vice-President and Acting Minister of Economy Nadia Calvino to chair the European Investment Bank (EIB), the financial arm of the European Union, from January 2024.

decision Promoted by El PaísIt is a “strong position and with maximum options” “to strengthen the presence and influence of our country in international organizations and the presidency of the EIB will be achieved for the first time in history”, notes the Spanish executive.

The government notes that it is a “strong nomination based on the experience of Vice President Calvino”, who has 12 years in senior management at the European Commission and five years as Minister of Economy and Digital Transformation, successfully coordinating economic affairs. Spanish Government Policy. Opposite Calvino will be candidates such as Denmark’s Margrethe Vestager, the current vice president of the European Commission, and former Italian finance minister Daniel Franco. On August 17, two more informal candidacies of two vice-presidents of the organization are awaiting official evaluation: Polish Tereza Czerwinska and Swedish Thomas Ostros.

“The vice-president has great prestige in the international arena and currently chairs the International Monetary and Financial Committee, the main multilateral advisory body of the International Monetary Fund. “Calvino has been key in achieving and implementing the European Next Generation Funds, the deployment of which Spain is leading, in achieving the milestones and objectives,” the Spanish executive notes.

The appointment will be officially in January

The selection process envisages formal confirmation of nominations next Thursday, 17. The appointment, which requires the support of a large majority of member states, will be agreed at an informal meeting of the Economic and Finance Council (ECOFIN). Santiago de Compostela on 15-16 September and will be officially adopted by the EIB Board of Governors in October.

In parallel with this process, the renewal of the EIB vice-presidential chairmanship, which Spain shares with Portugal, is underway, although according to ministry sources, we have to wait for the selection process to be determined. This position is currently held by the Portuguese Ricardo Mourinho.

Calvino has the full support of Prime Minister Pedro Sánchez as EIB chairman and, if elected, will remain in office until his official appointment next year.

His appointment “will not affect his responsibility as First Vice-President of the Spanish Government, which he will serve until the end of the year, when he will have to take office in January 2024”, also ending the Spanish presidency. Council of the European Union.

Since its inception in 1958, the bank has had 7 presidents, all men and none Hispanic. Thus, Nadia Calvino will become the first female president of the EIB, which is an important event for the institution and for Spain.

The EIB is the financial branch of the European Union and one of the largest financial institutions in the world. “It is a strategic institution for the European Union and for Spain,” says the executive.

The organization plays an important role in financing investments to stimulate economic growth in the EU and as such it will be a fundamental tool in managing the next generation of loans. In addition, it is the main institution for financial support of Ukraine and promotion of investments in the rest of the world.

The candidacy of Vice President Calvino is “key not only to strengthen Spain’s presence in multilateral institutions, but also to improve the Bank’s governance and promote its role in Europe, mobilizing public and private investments that contribute to the green transition and equitable development.” Digital and European strategic autonomy”.

The EIB is an EU bank with its own legal personality and is currently the main instrument for financing the green transition in the EU. It is the only bank whose shareholders are the member states of the European Union, whose interests it represents. It is based in Luxembourg. Its partners are 27 member states of the European Union. Each member state’s participation in the bank’s capital is based on its economic weight in the EU (expressed as GDP) upon entry into the Union. Spain contributed 9.66%. In the past, the socialist Magdalena Alvarez or Emma Navarro, who was appointed to the PP, were the vice-presidents of the unit.

Source: El Diario





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