German Chancellor Olaf Scholz has expressed his support for Spain's acting Economy Minister Nadia Calvino in her bid to become the next president of the European Investment Bank (EIB). If successful, Calvino would be the first woman to hold this prestigious position at the world's largest multilateral lender.
By openly backing Calvino, one of the frontrunners for the role, Scholz, a heavyweight in both political and economic spheres within the European Union, has put the spotlight on France to take a position on the matter. His public endorsement may play a crucial role in shaping the final decision.
Speaking at the congress of the Party of European Socialists and Social Democrats in Malaga, Scholz expressed his confidence in Calvino, citing their previous collaboration on international and European fiscal projects that included the implementation of a global corporate minimum tax.
The selection process for the EIB presidency has been ongoing for months, and Calvino is considered a strong contender. However, Margrethe Vestager of Denmark, Daniele Franco of Italy, Teresa Czerwinska of Poland, and Thomas Ostros of Sweden are also in the running. The position will become available in January.
Belgian Finance Minister Vincent Van Peteghem stated in October that the stance of the EU's largest member states would be instrumental in determining the final candidate. France, as a significant player, might leverage its position to secure concessions in other areas or to garner support for future top EU positions.
The matter of selecting the EIB president is anticipated to be discussed among European finance ministers during an upcoming meeting in early December. In order to secure the position, a candidate must obtain the support of at least 18 member states, representing at least 68% of the share capital.
The current president of the EIB is Werner Hoyer, a member of Germany's Liberal Democratic Party. As his term comes to an end, the leadership of the bank will undergo a transition, potentially to be led by the pioneering figure of Nadia Calvino if she garners sufficient support.