The European Union elects Calvino as the President of the European Investment Bank

white smoke The first vice-president, Nadia Calvino, has won enough support for the presidency of the European Investment Bank (EIB) after a nearly four-month battle in which major countries, including France, kept her waiting longer than she expected. It was originally planned. EU economy ministers gave it sufficient support this Friday (18 member states represent 68% of the public bank’s capital), but formal ratification must await.

Belgium’s finance minister, Pieter van Peteghem, who is responsible for piloting the process as rotating president of the EIB’s governors, was responsible for announcing the “consensus” around Calvino’s candidacy. Now the Board of Governors of the institution will have to ratify the decision. The process was marred by the presence of five candidates, including competition commissioner Margrethe Vestager, who was Calvino’s main challenger, making it difficult to achieve a sufficient majority.

In the end, the Belgian minister decided to go ahead and put Calvino’s name on the table, considering that he was the only candidate who could get enough support through personal consultations with the 27. Only Germany and Portugal had them publicly. announced his support for Spain, but in the government they believed that he would gain a sufficient majority with the presence of France, whose support was essential as the second contributor to the EIB, although he did not show his cards.

For his part, Vestager withdrew his candidacy, as announced via the social network X (formerly Twitter). Daniel, who had no chance of being elected, will now resume his duties at the European Commission, which he suspended while running for the EIB.

“It is a great honor and pride that our country heads the European Investment Bank for the first time; A position of great importance that reflects the intensive work of these years to strengthen Spain’s influence, respect and leadership in the international arena,” Calvino said in a statement to reporters after winning the support of his colleagues. The formal ratification process now begins with the intention that the Economic Vice President will replace the current President, Werner Heuer, from January 1, 2024.

Since then, Calvino will be the first Spaniard and the first woman to hold the reins of Europe’s main public bank, which was founded in 1958. However, the EIB is far from making decisions in the community’s capital. With a subscribed capital of €248.8 billion, it is the financial arm of the European Union that promotes investment in six axes: climate and environment, development, innovation and skills, small business, infrastructure and cohesion. Although the activity related to Ukraine dates back to 2007, with the war, it has strengthened its support, which exceeds 1.5 billion euros, and will continue with the reconstruction.

“In addition to financing investments in the European Union, financial support to Ukraine and investments in the rest of the world, the EIB will play an important role in managing part of the next generation loans of the European Union,” the Ministry notes. In the statement of the economy, where he points to the importance of the institute “in driving public and private investments in Europe” as well as “developing new technologies and accelerating the twin green and digital transitions”.

Source: El Diario





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