President Calviño delivered the Tommaso Padoa-Schioppa address during this year's Brussels Economic Forum, focusing on Europe's economic outlook.
Watch the address
Good morning.
I’m delighted and honoured to deliver this year´s Tommaso Padoa-Schioppa address and share with you some ideas about Europe´s economic outlook.
In the run up to the European Elections, you will not be surprised by the main message I would like to leave with you today: together we are stronger, and we can only rise to the challenges ahead by being united and acting in a coordinated manner, as Europeans.
In recent history, we have been successful when we have acted according to three principles: determination, unity and solidarity. We can build on this base to face the future with confidence.
The successful joint response to the pandemic is a good example: we protected the economy and laid the foundations for a strong recovery thanks to the fast action of the European Central Bank to provide liquidity, the European Commission´s SURE mechanism to protect jobs, the European Investment Bank’s Guarantee Fund to support businesses and the Next Generation EU massive investment and reform programme to foster the modernisation and resilience of our economies.
Working together with member states, our unity in supporting Ukraine is another example where we are definitely stronger together. As financing arm of the EU, the European Investment Bank is currently the main investment partner to Ukraine and I have recently signed an agreement with Prime Minister Schmjhal to accelerate support on the ground, investing in large country-wide infrastructures, like energy and transport, in local projects to repair hospitals and houses, and also to support SMEs through the financial sector.
New trams are now serving residents in the city of Lviv, and a new school in Kamianske has been rebuilt thanks to EU financing channelled through the EIB.
Looking forward, we must ensure that our economy thrives in the green and digital transitions, and remains competitive in the face of geopolitical uncertainties, challenges and other tensions.
We must also ensure that we support most affected sectors and territories, protecting our social infrastructures and our European way of life.
This will take resolve, reforms… and a lot of investment in infrastructure for the industrial transformation, and new strategic technologies.
And not only that: we need to invest in skills and social infrastructure to allow people to fulfil their potential.
Clearly, the mobilisation of private capital will be key. Public investment has to play a catalytic role and we need to make the most of the potential of European instruments.
In this context, I very much welcome Enrico Letta’s insightful report on the Single Market, which highlights the key role of the European Investment Bank Group in mobilising investment, building on its large and strong balance-sheet, the triple A rating, our top notch technical expertise and our ability to leverage capital and mandates from the EU budget, mobilising private investment and turning ideas into concrete projects that reinforce Europe´s strategic autonomy, boost productivity and make a real difference to people’s lives.
Our eight key strategic priorities supported by EU leaders will help us realise the full potential of the EIB Group. First, we will continue to consolidate our role as the EU climate bank.
Secondly, we’ll accelerate support to digitalisation and technological innovation, including the development and scaling-up of cutting-edge technologies throughout the value chain.
We will also step up our investments in Europe´s security and defence industry, while safeguarding EIB’s financing capacity and ensuring the highest environmental, social and governance standards.
Our fourth priority is cohesion. Talent is equally distributed, but opportunities are not. I firmly believe that climate, competitiveness and cohesion – both social and territorial – are inseparable as foundations of European success.
We are also supporting innovative financing for the bioeconomy and agriculture, and we are investing in skills, health and affordable housing. Our Group will reinforce its role in investing in Europe’s social infrastructures, contributing to strong and resilience societies.
Outside the EU, we will focus our activities on impact, supporting and rebuilding Ukraine, supporting a successful enlargement process, our neighbourhood and the Global Gateway initiative as well as strategic alliances, for instance with the World Health Organization and the Vaccine alliance to end polio for good and establish vaccine production capacities in Africa.
And last but not least, we can pioneer EU-wide financial instruments that could be the building blocks of a real capital markets Union.
Looking back over the last years, I think we can be proud of what we have achieved as Europeans. Let’s build on this and deepen our partnership to support investments for a more secure, fairer, greener and more productive Europe.
Let’s build Europe’s future.
Thank you!