The European Investment Bank's 1998 Forum (22/23 October) on "The European Challenge: Investing for Jobs", that ended today in London, focused on the need for increased investment to support job creation particularly in encouraging the activities of small and medium-sized companies through the expansion of Europe's venture capital market.

Sir Brian Unwin, EIB President, and Gordon Brown, Chancellor of the Exchequer and EIB Governor for the United Kingdom, opened the Forum. Over 350 leading representatives from financial, political and business and media circles from over 20 countries participated in the event. Key elements discussed included the need to mobilise capital within Europe for investment in growth and how to tackle unemployment at a time when global financial markets were facing crisis, and governments in Europe were committed to maintaining reduced levels of public expenditure.

The first day examined the economic, social and political challenges, and policy responses to underpin the creation of new businesses and for introducing labour flexibility. The second day considered trends in financial markets and the role of financial institutions as well as the development of venture capital market in Europe.

The proceedings of the event will be made available.

The Forum's programme and speakers were:

Creating jobs: the role of investment

Opening of the Forum:

  • Sir Brian Unwin KCB, President of the EIB
  • Gordon Brown, Chancellor of Exchequer and EIB Governor for the United Kingdom

Plenary session:

Chairperson: Wolfgang Roth, EIB Vice-President


  • Jacques Delors, President, "Notre Europe", Groupement d'Etudes et de Recherches (France)
  • Helmut Panke, Member of the Board of Management, BMW AG (Federal Republic of Germany)
  • John S. Monks, Secretary General, Trades Union Congress (United Kingdom)
  • Prof. Alfred Steinherr, EIB's Chief Economist (Org.)

Issues for discussion:

  • Strengthening investment and other policy responses
  • Unemployment : economic, social and political challenges
  • EIB action in support of investment in labour-intensive areas
  • The role of public-private partnerships

Gala dinner:

Guest speaker:

  • Viviane Forrestier, Novelist and essayist, author of "L'horreur économique" (France)

Mobilising capital within Economic and Monetary Union

Session 1: Financing sustained growth:

Chairperson: Ariane Obolensky, EIB Vice-President


  • Mario Monti, EU Commissioner for Internal Market and Financial Services (Org.)
  • Emma Marcegaglia, President, Confindustria Young Entrepreneurs (Italy)
  • Alastair Ross Goobey, Chief Executive, Hermes Pensions Management Ltd (United Kingdom)
  • Marc Viénot, Chairman, Paris EUROPLACE (France)

Issues for discussion:

  • What will be different in Euroland ?
  • Impact on industry and services

Session 2: Risk-capital for innovative businesses:

Chairperson: Luis Martí, EIB Vice-President


  • Salvador García-Atance, Chairman, AB Asesores (Spain)
  • Prof. Henning Kagermann, Chairman of the Board, SAP AG (Federal Republic of Germany)
  • Teresa Wallis, Chief Operating Officer, AIM, London Stock Exchange Ltd (United Kingdom)
  • Gerbrand Hop, Chairman of Financial Committee, European Investment Fund (Org.)

Issues for discussion:

  • Cultural, social and financial barriers impeding innovation and start-ups
  • Experience with financing innovation

Concluding remarks:

  • Luis Martí, EIB Vice-President