Spain presents Calviño’s candidacy to preside over the European Investment Bank

2023-08-11 20:47:42

The Government has formally presented the candidacy of the acting first vice president, Nadia Calvinoto chair the European Investment Banks (EIB). Barely 20 days after the general elections of 23-J and in full negotiations for the formation of a new Government, the acting Executive of Pedro Sánchez has announced this Friday what he had not wanted to confirm so far and is the candidacy of Calviño to chair the European body that currently governs the German Werner Hoyer, who has announced that he will leave his post at the end of the year. This is a “firm commitment and with the maximum options to reinforce the presence and influence of our country in international organizations and the presidency of the EIB would be achieved for the first time in history”, the Government has communicated.

“Nadia Calviño has the full support of the President of the Government and, if elected, it would not affect her responsibilities as First Vice President of the Government of Spain, which she would hold until the end of the year when she had to occupy the position in January 2024having also completed the Spanish presidency of the Council of the EU”, stated La Moncloa. In the race for the presidency of the EIB, Calviño will have to compete with the current vice-president of the European Commission in charge of Competition, Margrethe Vestager. The candidacies of the former Italian Finance Minister have also been formalized under the orders of Mario Draghi, Daniel Francoy Teresa Czerwinska y Thomas Ostros. These last two names, from Poland and Sweden, respectively, currently hold the vice-presidency of the EIB.

The decision, in October

As arranged, the selection process for the next EIB presidency foresees the formal validation of applications on August 17. The appointment, which requires the support of a large majority of Member States, would be agreed at the meeting of the Council of Ministers of Economy and Finance (ECOFIN) informal Santiago de Compostela on September 15-16 and would be formally adopted at the Board of Governors of the European Investment Bank in October.

During the electoral campaign, no socialist representative wanted to confirm speculations that pointed to Calviño as a candidate to preside over the body whose objective is grant financing to projects that contribute to achieving the objectives of the EU, both inside and outside it. Twenty days later the confirmation has occurred. “This is a strong candidacy due to the experience of Vice President Calviño, who has 12 years in the senior management of the European Commission and five years as Minister of Economic Affairs and Digital Transformation, successfully coordinating the economic policy of the Government of Spain. “, it is pointed out from the Executive in functions of Pedro Sanchez. “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. Calviño has been key in the achievement and implementation of European Next Generation funds, whose deployment is led by Spain, meeting milestones and objectives,” they defend from La Moncloa.

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Since its founding in 1958, the Bank has had 7 presidents, all men and none Spanish. Thus, Nadia Calviño would become the first female president of the EIB, a milestone for the institution and for Spain.

The EIB is ethe financial arm of the EU and one of the largest financial institutions in the world. It is a strategic institution for the EU and for Spain. In addition, the organization plays an important role in financing investments to boost economic growth in the EU and, as such, it will be a fundamental tool in the management of next generation loans. In addition, it is a key institution for financial support to Ukraine and also for promoting investment in the rest of the world.