2023-09-15 13:00:09
Margrethe Vestager is not the type to give up. In recent days, the former Danish Minister of the Economy, who became known for having fought against tax evasion by the Silicon Valley giants, has deployed all his energy to access the presidency of the European Bank (EIB), the financial arm of the Union. On leave from her post as Vice-President of the Commission, responsible for competition issues, she intensified her campaign and increased her interventions, both in the media and politically.
Its fate could be sealed in Santiago de Compostela, during a meeting of European finance ministers which takes place on September 15 and 16. Mme Vestager knows it: she has little time left, while the current title holder, the German Werner Hoyer, must leave office at the end of the year, and she is not the favorite. The Spanish money maker, Nadia Calviño, is better placed in the race.
The Italian Daniele Franco, former finance minister under Mario Draghi, is also in the running. Just like two vice-presidents of the EIB: the Polish Teresa Czerwinska and the Swede Thomas Ostros. But, barring any surprises, which would give the candidate from Rome his chances, these three contenders today appear as outsiders.
Budgetary orthodoxy
The winner must have obtained the support of at least eighteen Member States, which hold at least 68% of the EIB’s capital. This gives decisive weight to its four largest shareholders, which are Germany (26% of the capital), France (20%), Italy (17%) and Spain (12%).
Madrid and Pedro Sanchez naturally support Mme Calvino. Berlin too, after having, for a time, leaned towards Mme Vestager, a liberal like Finance Minister Christian Lindner, a member of the Liberal Democratic Party. But Social Democratic Chancellor Olaf Scholz was keen to appoint a figure from his camp. Furthermore, Germany, champion of a certain budgetary orthodoxy, “prefers a techno profile for this position and Calviño [qui a occupé plusieurs postes de direction générale à la Commission] is more techno, less political than Vestager”confides a European source.
Finally, Mr. Scholz saw the opportunity to place one of his own at the head of the supervisory body of the European Central Bank, while the position was to go to the deputy governor of the Bank of Spain, Margarita Delgado. It is now the vice-president of the Bundesbank, Claudia Buch, who has the advantage in the race for the leadership of the European banking watchdog, thus clearing the way for Nadia Calviño at the EIB.
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