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 no one could suspect at that time, when Pedro Sánchez had already announced the call for general elections, was that the candidate would be herself.
The Government has already formally communicated the proposal, according to sources in its department. It is, as they say, “a firm bet and with the maximum options to strengthen the presence and influence of our country in international organizations”. It would be the first time that Spain obtained this position, since until now the most relevant position at the BEI had been that of former socialist minister Magdalena Álvarez, who became vice president.
The Government indicates that Calviño, who has the “full support” of Pedro Sánchez in this process, would continue to exercise, should she be elected to the EIB, the position of Minister and Vice-President of the Government until the end of the year, when 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 election campaign and is considered a heavy weight of the economy, both in Spain and abroad. “Either Nadia or nobody”, they came to say to the PSOE about an unquestionable minister, who will now have to find a replacement in the event that Sánchez succeeds in forming 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 it would be formally adopted by the board of governors of the European Investment Bank in October.
The sources argue that the aspirants to succeed the current president of the BEI, Werner Hoyer, are very powerful and that, for this reason, Spain must present a convincing candidate. The current Competition Commissioner, Margrethe Vestager, is running for office, as is Daniele Franco, Italian Minister of Economy under Mario Draghi.
The fight comes at a time of profound changes in European institutions. Next year there are elections to the Eurochamber and the European Commission will be reshaped. Calviño had come to be considered a good candidate for commissioner.
Calviño has on his record 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 at the European Commission. The Government considers that it has “great prestige in the international arena”, insist the sources.
Calviño currently chairs the International Monetary and Financial Committee, the main multilateral advisory body of the International Monetary Fund. It has also been key in the achievement and launch of the European Next Generation funds, the deployment of which is leading Spain, meeting milestones and objectives.
Since its foundation in 1958, the EIB, which is the financial arm of the EU and which channels resources for all kinds of projects, has had seven presidents, all men and none Spanish. Spain shares a rotating chair with Portugal and it would now be her turn to occupy it, but she could leave it to the neighboring country if Calviño is president.
“Vice-president Calviño’s candidacy is key not only to strengthen Spain’s presence in multilateral institutions but also to continue improving the bank’s governance”, say the central government.
