EUROPE - As the European Investment Bank (EIB) gears up to select its new president, Italy has signaled its willingness to support Denmark’s Margrethe Vestager should its own candidate, Daniele Franco, not secure the top job. The decision on who will take over the presidency is expected before January, with EU finance ministers likely to vote on the matter next week.
Margrethe Vestager, who left her post as the EU digital chief in September, is in the running for the prestigious role. Italy’s readiness to endorse Vestager underscores the strategic alliances forming as the vote approaches. The EIB, a key institution for funding European development and investment projects, is currently headed by Werner Hoyer of Germany’s Liberal Democratic Party. Hoyer will step down once a successor is chosen who has garnered enough support from member states and their share capital contributions.
Spain’s Economy Minister Nadia Calvino is also a strong candidate for the presidency. She has the backing of German Chancellor Olaf Scholz and is contending for the position against other EIB insiders, including Teresa Czerwinska and Thomas Ostros. France’s role in the selection process is considered crucial, as a majority backing from member states is required to confirm the new president.
The Italian government has not publicly responded to inquiries about the ongoing presidential race. Belgian Finance Minister Vincent Van Peteghem highlighted this lack of immediate comment, while reporters Chiara Albanese and Samuel Stolton contributed to the coverage of this unfolding story.
The outcome of the EIB presidential election holds significant implications for the bank’s future direction and the broader EU financial landscape. With the vote potentially taking place as early as next week, member states are aligning their support behind preferred candidates in anticipation of the pivotal decision.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.