(Bloomberg) — Germany is expected to back Spain’s Nadia Calvino as the next head of the European Investment Bank, putting the spotlight on France to take a position in horsetrading for influence in the bloc’s institutions, according to people familiar with the matter.
(Bloomberg) — Germany is expected to back Spain’s Nadia Calvino as the next head of the European Investment Bank, putting the spotlight on France to take a position in horsetrading for influence in the bloc’s institutions, according to people familiar with the matter.
Finance Minister Christian Lindner said this week that the government in Berlin has made a decision, though he wouldn’t identify the candidate. European diplomats, who declined to be identified because the talks are private, said that Calvino was Germany’s preferred choice.
Europe’s tussle to find a new EIB boss has been going on for months. While Calvino — currently acting Spanish economy chief — is considered the favorite, Margrethe Vestager of Denmark is considered another frontrunner. Daniele Franco of Italy, Teresa Czerwinska of Poland and Thomas Ostros of Sweden are also vying for the job, which becomes available as of January.
Belgian Finance Minister Vincent Van Peteghem said Monday that the view of the biggest members will be key in determining who wins the EIB race.
With Germany’s decision made, that shifts the focus to France, which has so far been coy on who it might be backing.
“There are lots of very good candidates,” Finance Minister Bruno Le Maire said Tuesday during meetings with European counterparts in Luxembourg. “France will make its position known soon.”
The French finance ministry has no further comment, an official said. A spokesman for Germany said he couldn’t confirm whom his country is supporting.
France may utilize its king-maker status to get European concessions on other areas including the location of the new anti-money-laundering authority or to secure promises for backing for future top jobs.
Le Maire previously supported Calvino’s bid to become head of the Eurogroup, which brings together euro-area finance chiefs, though that endeavor failed after a coalition of smaller countries outvoted the bigger economies.
To become head of the EIB — the world’s biggest multilateral lender — a candidate requires the support of 18 member states, representing at least 68% of the share capital.
Any backing Vestager currently has is likely to eventually shift to Calvino once the big countries give her the nod, according to the EU diplomats.
–With assistance from Alessandra Migliaccio and Stephanie Bodoni.
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