Nadia Calviño at the Desayunos del Ateneo event

Good morning,

Let me begin by thanking you for the lovely invitation to come here to speak at my beloved Ateneo. It is a pleasure to share a few reflections on global affairs, and to answer any questions you may have at this very interesting time.

In the next few days, we will mark the 40^th anniversary of the signature of the Accession Treaty of Spain to the European Communities.

It is a good time to reflect on the extraordinary success and importance of the European Union, which has given us the longest period of peace, progress and stability in the history of our continent. It is founded on values that are of more importance than ever to the world.

We are seeing a shift in the tectonic plates of the global order that has reigned for the last 80 years, an order based on the dollar, on oil, on the leadership of the United States and liberal democracies, and on a network of multilateral institutions that guaranteed financial stability and global prosperity as trade flows grew and economic globalisation surged.

I tried to look for another metaphor to describe what we are seeing, but I think that one involving tectonic plates gives a real sense of the scale of the changes that are taking place.

In this fast-changing and volatile environment, the most valuable asset of all is trust. That is what Europe is right now: a beacon of stability, and a benchmark of democracy, security and human rights for the world.

Amidst all the noise and the change, we must not lose sight of what is most important: a new global order is being formed, and Europe must have a strong voice to ensure that this new order reflects our shared values and interests.

The current environment also opens up major opportunities that we cannot allow to pass us by.

The European Investment Bank is in a truly unique position to support this goal.

This unique position is derived first and foremost from the European Investment Bank Group’s dual nature as an EU financial institution and the world’s largest multilateral development bank.

But also from its unique shareholder structure composed of the 27 EU Member States. All of them. With complete alignment of strategic priorities.

Its financial might is also unique. We have a nearly €600 billion balance sheet, a triple A credit rating and a business model that does not require capital increases from our shareholders.

In short, this is Europe’s moment, and we are going to do everything we can to make the most of it.

Expert analyses like the Draghi and Letta reports all point towards three key elements of Europe’s competitiveness and security: integration, investment and simplification. I would add a fourth: strategic alliances with our partners around the world.

The European Investment Bank is backing progress in these four areas, channelling savings into productive investments under the EU banner.

We will no doubt return to this during the debate, but I will give you five examples:

1. Since January 2024, we have enlarged the scope of our support to strengthen Europe’s security and defence industry.

Thanks to intensive work over the last year and a half, there is already a robust pipeline of 20 projects, and the EIB is well placed to help Europe in five areas: (i) major military infrastructure and facilities; (ii) research and development programmes; (iii) innovative projects like drone manufacturing; (iv) support for investment funds specialising in this field; and (v) provision of liquidity to small businesses in the European industry value chain.

We will soon be signing our first two agreements with major European banks to back small businesses in the security and defence sector.

2. The second high-priority workstream I would like to highlight is innovation.

In the coming weeks we will be launching TechEU, a new financing platform with which we expect to mobilise total investment of €250 billion by 2027 for cutting-edge technologies, supercomputing and artificial intelligence, digital infrastructure, clean technologies, healthtech, critical raw materials, security and defence technologies, and skills and talent for research. Starting, of course, with key technologies for the green transition.

We hope that this programme will finance 1 000 European tech champions in addition to the 3 000 the European Investment Bank Group is already financing.

Because EIB Group support for the European venture capital ecosystem is proving to be key.

Just to give you an idea: one in every five euros raised by investment funds in Spain in 2024 came from the European Investment Fund, enabling the creation of the country’s first €1 billion mega fund with pan-European ambitions.

We signed the agreement with Spain’s first mega fund last year, and we were clearly on to something, because over the next few weeks we will be launching an investment in the country’s second mega fund, which will invest in companies that are made in Europe, and can grow and develop in Europe.

3. The third key area of impact is support for small businesses – for SMEs. This area is particularly important for Spain.

Just this week, the European Investment Fund will sign operations with 11 financial intermediaries to mobilise €2.5 billion using NextGenerationEU funds to support 6 000 SMEs in all Spanish regions.

4. For my fourth point, I would like to highlight the EIB’s role in financing energy infrastructure.

Over 40% of ongoing projects in this area in Europe are financed by the EIB.

There are many examples I could cite here, but the most important we are currently finalising is the electricity interconnector between Spain and France, which we hope to sign in the next few days.

5. Lastly, I would like to talk about the EIB’s activities beyond Europe.

The intensity of geopolitical and geoeconomic change is having a major impact on development cooperation.

Cooperation and strategic alliances are more important than ever for a fairer, more sustainable and more equal global economy.

Spain will be in the international spotlight in early July as Seville hosts the United Nations’ Fourth International Conference on Financing for Development – a key date in the international calendar.

Although 90% of the EIB’s annual financing goes to projects within the European Union, the remaining 10% – a massive €8 billion to €9 billion a year – finances projects and strategic alliances with huge international impact.

We will be in Seville making a proactive contribution, mobilising the multilateral development bank family and showing Europe’s commitment to the world’s most vulnerable countries and the value of cooperation and win-win agreements.

I will end on a key idea, one that I have been drawing on a lot over the past few days wherever I have been speaking.

Europe is a trade and technology superpower.

Spain is a key player in all these areas.

It is important to remember that we have exceptional strengths.

The European Investment Bank – a real EU success story in its own right – has been called upon to play an even greater role in the current geopolitical environment.

Because in a changing world, it is time to choose Europe.

Our unity is our strength, with our values keeping us on the right side of history.

Now, more than ever, we must celebrate these 40 brilliant years in the EU family, 40 years of peace and progress.

Now, more than ever, we must be proud to be European.

And I am certainly very proud to be European.

Thank you very much.