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Mr Mihai Tănăsescu was appointed Vice-President and Member of the Management Committee of the European Investment Bank (EIB). Today, he has taken up his post, succeeding Mr Plutarchos Sakellaris, who completed a four-year term as EIB Vice-President.

Mr Tănăsescu, a Romanian citizen, was appointed by the EIB’s Board of Governors on the basis of a proposal from the Minister of Finance of Romania with the agreement of the shareholder constituency composed of the Kingdom of Denmark, the Hellenic Republic, Ireland and Romania.

Prior to his appointment, Mr Tănăsescu served as Senior Adviser to the Executive Director and Member of Board of Executive Directors of the International Monetary Fund in Washington D. C.

Mr Tănăsescu is an economist. Amongst his most recent responsibilities figure: Minister of Public Finance of Romania (2000-2004), Member of the Romanian Parliament and Chairman of the Budget and Finance Committee of the Chamber of Deputies (2004-2007). Previously, in 1997-2000, he was an Alternate Executive Director at the World Bank.

The new EIB Vice-President commented: “As a Member of the EIB’s Management Committee, I very much appreciate having the opportunity to contribute to the balanced development of the European Union by supporting the real economy and fostering economic progress.”

The Management Committee of the EIB is the permanent collegiate executive body of the institution. It is composed of a President and eight Vice-Presidents. Under the authority of the current President Werner Hoyer, it oversees the running of the EIB, prepares decisions for the Board of Directors and ensures that they are implemented. The members of the Management Committee are responsible solely to the Bank; they are appointed by the Board of Governors, on a proposal from the Board of Directors. The EIB’s Management Committee has its headquarters in Luxembourg.