Germany backs Spain’s Calvino for EIB leadership, eyes on France’s decision

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Following a prolonged contender race for the European Investment Bank (EIB) leadership, Germany has decided to back Spain’s Nadia Calvino, according to insiders. This move could potentially prompt France to assert its position in Europe’s institutional power negotiations. Germany’s Finance Minister, Christian Lindner, confirmed a decision was made, but kept the candidate confidential. However, diplomatic sources suggest Calvino is Germany’s favored pick.

The EIB leadership race has been an extended process, with contenders including Margrethe Vestager of Denmark, Daniele Franco of Italy, Teresa Czerwinska of Poland, and Thomas Ostros of Sweden. Belgian Finance Minister Vincent Van Peteghem highlighted that the views of major member states will play a significant role in determining the EIB race outcome.

With Germany’s decision now finalized, attention turns to France. French Finance Minister Bruno Le Maire stated that France will soon disclose its choice. Le Maire had previously supported Calvino’s Eurogroup bid, which did not succeed due to opposition from a coalition of smaller countries.

The EIB, being the world’s largest multilateral lender, requires a candidate to have support from 18 member states representing at least 68% of the share capital. Given this, France may use its decision as leverage to negotiate European concessions on issues such as the new anti-money-laundering authority and future top jobs.

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