In mid-June, the Vice President of the Government and Minister of Economic Affairs, Nadia Calviño, announced from Luxembourg that Spain would present a candidate to preside over the European Investment Bank (EIB). What nobody could suspect at that moment, in which Pedro Sánchez had already announced the call for general elections, was that the candidate would be herself.
The Government has presented Calviño’s candidacy to preside over the EIB, sources from his department indicate. It is, as they say, “a firm commitment and with the maximum options to reinforce the presence and influence of our country in international organizations.” It would be the first time that Spain achieved this position, since to date the most relevant position in the EIB had been that of the former socialist minister Magdalena Álvarez, who became vice president.
From the Government they indicate that Calviño, who has the “total support” of Pedro Sánchez in this process, would continue to exercise, in the event of being elected to the EIB, the position of Minister and Vice President of the Government until the end of the year, when she had to occupy the new position, in January 2024. This would have culminated the Spanish presidency of the Council of the EU.
The minister, who is not affiliated with the PSOE, was very actively involved in the last electoral campaign and is considered a heavyweight in the economy, both in Spain and abroad. “Either Nadia or nobody”, they came to say in the PSOE around an unquestionable minister, who will now have to find a replacement in the event that Sánchez manages to form a government.
The selection process foresees the formal validation of candidacies next week, on August 17. The appointment, which requires the support of a large majority of Member States, would be agreed at the informal meeting of the Council of Ministers of Economy and Finance (Ecofin) in Santiago de Compostela on September 15 and 16 and would be formally adopted by the Council of Governors of the European Investment Bank in October.
The sources argue that the candidates to succeed the current EIB president, Werner Hoyer, are very powerful and that, for this reason, Spain must present a convincing candidate. The current Competition Commissioner, Margrethe Vestager, is presented to the charge, as well as Daniele Franco, Italian Minister of Economy in the Maria Draghi era.
The struggle comes at a time of profound changes in the European institutions. Next year there are elections to the European Parliament and the European Commission will be remodeled. Calviño had come to be considered a good candidate for commissioner.
Calviño has to his credit not only the performance of the main economic functions of the country for five years, but also the experience of twelve years in senior management positions in the European Commission. The Government considers that it has “great prestige in the international arena,” the sources insist.
Calviño currently chairs the International Monetary and Financial Committee, the main multilateral advisory body of the International Monetary Fund. He has also been key in the achievement and implementation of European Next Generation funds, whose deployment is led by Spain, meeting milestones and objectives.
Since its founding in 1958, the EIB, which is the financial arm of the EU and which channels resources for projects of all kinds, has had seven presidents, all men and none Spanish. Spain shares a rotating chair with Portugal and now it would have to occupy it, but it could leave it to the neighboring country if Calviño is president.
“The candidacy of Vice President Calviño is key not only to reinforce the Spanish presence in multilateral institutions but also to continue improving the bank’s governance and promoting the role it plays in Europe, mobilizing public and private investments that contribute to developing a green transition and fair digital and European strategic autonomy”, say from the Government.
