On April 23, the BMW Center for German and European Studies hosted European Investment Bank President Nadia Calviño for a discussion on “A Strong Europe in a Changing World.” CGES Prince of Asturias Chair Federico Steinberg, whom Calviño chose to join the Minister’s Council of Economics Advisors in 2019, introduced the accomplished economist.
“Before becoming President of the European Investment Bank, she was vice president of the government of Spain and Minister of the Economy, business and technological transformation,” Steinberg said. “And before that, she had a very long and prestigious career at the European Commission.”
The event began with remarks from Nadia Calvino. She said that the COVID-19 pandemic, Russian war against Ukraine, and recent period of inflation have made the past six years uniquely challenging, but highlighted that just yesterday the IMF said Spain is the fastest growing economy among developed economies in the world.
Calviño emphasized the EU member states’ unanimous agreement that green energy transition would be the institution’s number one priority, as well as a commitment to deliver on its promises.
“It’s a matter of security and strategic autonomy now,” Calviño said. “Market integration, large-scale investment, simplification, international partnerships. These are the four key areas where the EIB is putting our money where our mouth is.”
She said that the European Investment Bank is probably the main investment partner with regards to the support the EU is offering to Ukraine. That support includes key infrastructure like building shelters, providing clean water, and protecting universities and schools.
“I hope that very soon the resilience will allow us to begin the reconstruction phase [in Ukraine],” she said. “This support is signaling the power and importance of these international partnerships to us.”
Steinberg then asked Calviño a series of questions. He said many of his colleagues argue that the EU has the capacity to build upon and reform institutions like the WTO, and asked about the institution’s partnerships with the global south. She said in order for institutions to fulfill their purpose, they need to evolve.
“We are dealing with a completely different economic and social environment around the world, and it’s only natural that the multilateral framework adjusts, incorporates those changes and finds a way to continue to perform its role in this new environment,” Calviño said.
Calviño stressed the importance of Europe’s international partnerships, saying the rules-based multilateral system is the bedrock of the continent’s prosperity, well being, and security – along with free trade.
“Supporting free trade is in the DNA of the EU,” Calviño said. “Elements of defense were also there from day one. We need to have the same approach now.”
She also said that the EIB can provide a certain message of clarity, security and confidence.
“We’re seeing renewed interest on the side of our partners calling on Europe to play a more important role. I think it’s because our partners know they can trust us. It fits the principle that we do what we say and say what we do,” she said.
Wrapping up her remarks, Calviño affirmed a defining theme of her discussion.
“In a nutshell, I’m proud to be European.”
This event was made possible through the generous support of Endesa and the Prince of Asturias Chair.
