{"id":12582,"date":"2023-09-16T14:36:38","date_gmt":"2023-09-16T14:36:38","guid":{"rendered":"https:\/\/prosfunds.com\/business\/german-government-split-over-top-job-at-eu-lender\/"},"modified":"2023-09-16T14:36:38","modified_gmt":"2023-09-16T14:36:38","slug":"german-government-split-over-top-job-at-eu-lender","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=12582","title":{"rendered":"German government split over top job at EU lender"},"content":{"rendered":"<div>\n<p>Receive free European Investment Bank updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>We\u2019ll send you a <i>myFT Daily Digest<\/i> email rounding up the latest<!-- --> <!-- -->European Investment Bank<!-- --> news every morning.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=66e50077-d090-4854-8c5b-064643019703&amp;concept-id=efac1af0-7a1f-42c5-841f-1f9f8d0eeeb5\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Germany\u2019s ruling coalition is split over who to support in the race for the leadership of the bloc\u2019s biggest lender, as EU finance ministers discussed the issue on Saturday.<\/p>\n<p>Chancellor Olaf Scholz backs Spain\u2019s economy minister Nadia Calvi\u00f1o as the next president of the European Investment Bank, but the German ministers of finance and economy support her Danish rival, Margrethe Vestager, according to people familiar with the matter.<\/p>\n<p>The EIB post, which oversees the world\u2019s biggest multilateral financial institution with a balance sheet of more than half a trillion euros, will be vacated on December 31 when Werner Hoyer steps down after two six-year terms. The position is one of the most prominent of the EU\u2019s top jobs, which are heavily contested among member states and often decided by high-level political horse-trading.<\/p>\n<p>The finance ministers, who held their EIB discussion over breakfast in the Spanish city of Santiago de Compostela, did not formally discuss names, but instead gave clues about who they support by making suggestions regarding the bank\u2019s strategy.<\/p>\n<p>\u201cThe corridors were filled with the candidates meeting other ministers all weekend,\u201d said a person involved in the meetings.<\/p>\n<p>Scholz has worked closely with Calvi\u00f1o over the past five years and they both hail from centre-left parties. He wants Germany to support her, but Robert Habeck, deputy chancellor and leader of the German Greens, and Christian Lindner, finance minister and head of the liberal Free Democrats, are more inclined to back former European competition commissioner Vestager, a Danish liberal, said people briefed on the discussions. <\/p>\n<p>Vestager was in Berlin last week to meet Lindner, Habeck and Wolfgang Schmidt, Scholz\u2019s chief of staff. The trip was part of a tour of European capitals aimed at boosting her standing in the EIB contest.<\/p>\n<p>Scholz\u2019s backing for Calvi\u00f1o has helped swing some smaller member states to offer her their support, EU officials said, stressing that there was no guarantee that she would remain the favourite. Germany is one of the EIB\u2019s three biggest shareholders alongside France and Italy.<\/p>\n<p>As competition commissioner, Vestager angered Berlin and Paris by blocking a \u20ac15bn railway deal between France\u2019s Alstom and Germany\u2019s Siemens in 2019. Paris has not declared who it will support in the EIB race but officials said Paris is favourable towards Calvi\u00f1o.<\/p>\n<p>Calvi\u00f1o\u2019s candidacy got a fresh boost this week when Spain\u2019s candidate to become chair of the Single Supervisory Mechanism, the eurozone\u2019s top financial supervisor, lost out to Germany\u2019s Claudia Buch, deputy head of the Bundesbank. <\/p>\n<p>Similarly, a decision by eurozone ministers on Friday to support Italy\u2019s Piero Cipollone to become a member of the European Central Bank\u2019s executive board is seen as weakening the case of Rome\u2019s EIB candidate, former finance minister Daniele Franco.<\/p>\n<p>Spain holds the rotating presidency of the EU, meaning that Calvi\u00f1o was the chair of the two-day meeting. She recused herself from the breakfast debate, officials familiar with the planning said, which was instead overseen by Belgium\u2019s finance minister.<\/p>\n<p>The finance ministers, who are also the governors of the EIB, were not expected to reach a consensus decision on Calvi\u00f1o, Vestager or Franco on Saturday, not least due to the lack of clarity from many capitals as to whom they will ultimately support.<\/p>\n<p>Speaking on the eve of the meeting, Lindner said the German government had not reached a decision on who to support. But he said ministers had a \u201cclear picture\u201d of their vision for the bank.<\/p>\n<p>Berlin wanted to ensure the EIB maintained its triple A rating, saying \u201csound banking is essential for us\u201d, and backed its efforts to finance green investments, projects in Africa and the reconstruction of Ukraine. But he stressed its mission \u201cmustn\u2019t be overstretched\u201d. <\/p>\n<p>He also said the bank\u2019s governance could be improved, adding it needed to be more \u201cagile in its processes\u201d. <\/p>\n<p>Calvi\u00f1o travelled to the G20 leaders\u2019 summit in India last weekend to press her case to other EU delegates. She said on Friday that it would not be appropriate for her to use the Santiago meeting to promote her bid given she was hosting her colleagues in the city, including a private tour of the city\u2019s famous cathedral and a lavish gala dinner.<\/p>\n<p>\u201cI do not intend to discuss with finance ministers present here\u2009.\u2009.\u2009.\u2009the ongoing competition and the different candidatures for the European Investment Bank,\u201d she told reporters on Friday.<\/p>\n<p>That echoed a demand made privately by Denmark in the lead-up to the meeting, officials said. Vestager and Franco are also attending the meetings in Spain to press their case to ministers. <\/p>\n<p>The ministers will next meet in October, when a decision is possible.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/66e50077-d090-4854-8c5b-064643019703\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Receive free European Investment Bank updates We\u2019ll send you a myFT Daily Digest email rounding up the latest European Investment Bank news every morning. Germany\u2019s ruling coalition is split over who to support in the race for the leadership of the bloc\u2019s biggest lender, as EU finance ministers discussed the issue on Saturday. Chancellor Olaf [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-12582","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>German government split over top job at EU lender | Prosfunds<\/title>\n<meta name=\"description\" content=\"Receive free European Investment Bank updatesWe\u2019ll send you a myFT Daily Digest email rounding up the latest European Investment Bank news every\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=12582\" \/>\n<meta property=\"og:locale\" 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