President Calviño accepts prize of 2024 UPF-BSM Public figure of the year

Bon dia.  

I’m delighted to be here. Many thanks for that lovely presentation, for all the love and warmth I am feeling here today. I am delighted. Thank you from the bottom of my heart.  

There are so many friends here, the minister, the mayor, deputy mayor, other officials, the rector of course, the director, business representatives. 

It is a great honour to receive this award from the prestigious Universitat Pompeu Fabra’s Barcelona School of Management. 

I am very happy to be here today because, as the director was saying a moment ago, I really love visiting universities and being with young people. Because it is great to see how much young people want to learn, progress and change the world, as Alicia was saying.  

Every conversation I have with young people fills me with hope. You are the future, and our priority must be to give you every possible opportunity. Investing where we can give you these opportunities in education, innovation and infrastructure. The European Investment Bank is dedicated to investing in your future, in our future, and I am particularly excited to be able to share a few reflections on the current geopolitical context, and on leadership. Because, as the director was saying, these are times of deep technological, political and social change. Against this backdrop, it is more important than ever for Europe to defend its internal unity and our partnerships across the globe.  

The alliances and institutions that have guided the world since the end of World War II are being called into question. Conflicts we long thought dead and buried are rearing their heads once again. Principles and even international law are being questioned. Leading players are emerging that will shape this new global order for the decades to come. In a world of walls, Europe will build bridges. We are reaffirming our commitment to democratic values, human rights, mutual respect and win-win partnerships.

I have just got back from Latin America – from Colombia and Panama – and I know there are students here from those countries. The most important thing I said there was to reaffirm and strengthen the transatlantic strategic partnership. I was also able to see first-hand the positive impact of European Investment Bank financing. As was said earlier, it is one the largest multilateral institutions in the world, and is implementing and financing major infrastructure projects in important domains like renewable energy, wastewater treatment, supporting women, empowering women around the world, supporting and preserving the Amazon and even the Panama Canal. Because the expansion of the Panama Canal by the European Investment Bank has enabled it to double its trading capacity, tripling the size of ships able to pass through it.

And something the people giving us the presentation said really struck me: they said that the investment was important, but the most important thing was that the European Investment Bank maintained its investments during the global financial crisis. We always go where we are needed, and I want to strongly reassert the key role of public institutions here today. All of these projects have impressive figures, a key impact on well-being and international trade. The Panama Canal seems far from Europe, but Europe is its second biggest customer. The goods we receive here in Barcelona have probably passed through the Panama Canal. There we can see how these investments on the other side of the Atlantic can affect our daily lives, how everything is interconnected, and how important it is for Europe to have a strong voice in this new global order. 

To this end, we have to develop socially committed leadership, as is being done and as has been said today at Universitat Pompeu Fabra. I would like to share three personal reflections on what leadership is necessary against this international backdrop.  

First, change is the new normal. Leaders have to deal with permanent volatility and instability. Yesterday isn’t coming back. And the world of tomorrow will be very different to today’s, so we must adapt, be flexible and be able to manage uncertainty. Allow me to share a personal experience, already mentioned here. When the pandemic hit, we had to respond quickly and effectively to an unprecedented situation. A situation with no roadmap. We didn’t know what to expect, we didn’t know what would work, or how long that exceptional situation would last. I looked for all the relevant studies, but the only disaster financial institutions had analysed was war, which has a very different economic impact. 

What did we do? Well we maintained calm, worked hard, quickly and with determination to deploy a safety net for the Spanish, European and global economy. We mobilised an unprecedented volume of resources and we stopped the global economy from collapsing. Agility, flexibility and leadership were key to this success.  

Second, we have to go back to basics. The more things change, the more they remain the same. “The fundamental things apply as time goes by,” as the song from Casablanca goes. Leadership needs what it always has: vision, determination and the ability to motivate others. In a transactional world, trust is still the most important value, together with integrity: walking the talk. It is important to keep these principles in mind as the values and principles of democracy, the rule of law and peaceful coexistence come into question.  

And this brings me to my third reflection. The need to keep things in perspective. This is the hard part in today’s world. Particularly for younger generations. Right now, the future is full of challenges. The news is hard to digest. As mentioned here this morning, all the noise stops us from seeing what is truly important. And there is a shared feeling of uncertainty, instability and insecurity. Because a lot of things were taken for granted – physical security, international alliances, multilateral rules-based trade, Respect for women and minorities – all of those principles that were taken for granted are now being questioned.  

The media and social networks are amplifying these trends. Except those that try to include good news. Like our host today, which has such a key role. And all this affects motivation and blinkers decision-makers. To lead, we must keep our heads high. Listen carefully, and look around. Take on and respect different viewpoints. See the wood for the trees. For example, speaking of current challenges.

Looking around us it is clear to see: all of this has happened before. War, conflict, uncertainty. It all used to be business as usual in Europe. That is, until the European Union was founded 80 years ago. And until 50 years ago for Spain, when we began this democratic era. The brightest in our history.

Not so long ago, in 2008, the global financial crisis began. On an almost weekly basis, experts were predicting the end of the euro, the collapse of the European Union by Friday. And even more recently, we had to deal with the disaster that was the pandemic. Governments in Europe and around the world, together with multilateral institutions and central banks, worked together successfully. Not only to save the economy, but also to develop the vaccine. So that, against all odds, by the end of 2020 we were already vaccinating people across Europe. We have faced many issues over the last century, but here we are.

There are two main lessons to take from this. The first is that when we work together, human beings are unstoppable. And the second is that when we reach a point that seems like the end of the road, in fact it is just the start of something new. And that is precisely where we are today. In the face of something new, we must change, adapt, reset. But let’s not forget that the European Union has survived every crisis, and is still the best place to live. I don’t need to explain that here in Barcelona. Because each crisis has given us an opportunity to adapt, change and integrate further. This history of our union and of our resilience makes me trust in the future. And so does seeing all of you.

I will conclude with this positive message and with a call to action, cooperation and unity, trust in our own abilities, and determination to take on challenges by working together. Because Europe is an economic, trade and technology superpower. We have a great ecosystem of small and large companies, startups, research centres and top-tier universities like Pompeu Fabra. While I’m here, I want to highlight the huge returns from investing in education, investing in our future, in prosperity and development. We are leading in cutting-edge technology in the fields of healthcare, the green economy, biotechnology and photonics. No need to explain that here, of course. We are right next to the Barcelona supercomputer and the Institute of Photonic Sciences – two centres of European and global excellence in new technologies.

All we are missing is a single market making economies of scale possible, providing the financial muscle enabling Made in Europe companies, ideas and technologies to develop fully here. And what we have to do is clear. We have to integrate markets, drive investment, simplify rules and build strong international partnerships.

This is what we do at the European Investment Bank. We contribute to these priorities, mobilise private investment and financial support throughout the entrepreneurship and innovation business cycle. As an example, here in Barcelona, we are supporting the plant-based food producer Heura. It is one of the many startups we have been investing in. We are also financing educational and research infrastructure like the CaixaResearch Institute, a leading research centre with which we have just signed a financing agreement. We are backing large-scale strategic projects like Sants station and the Trinitat water distribution plant, which I visited last year with President Illa. I don’t know if the mayor was with us that time.

We are also supporting the local government with social infrastructure for healthcare, education or housing. The European Investment Bank is set to provide €1.5 billion of financing to Catalonia in 2025. One in every four of these euros will go to housing. Together we were able to visit important projects that target those most in need, particularly young families. Just a few weeks ago, we financed a new agreement with the Municipality of Barcelona meaning that the European Investment Bank will be financing over 2 300 homes via the Institut Municipal de l’Habitatge i la Rehabilitació de Barcelona. I mentioned the Panama Canal earlier, and now I will speak about housing, because everything is interconnected and in all of this we must promote the goals, the values and the principles of the European Union, which has brought us so much prosperity and so much good here in Spain.  

I’m almost done. Students here today: you have your whole lives ahead of you. And it is for that reason that I want to leave you with a call to action, to change the world, build a better world. I am certain that it is worth it. For human rights, for democracy, for peace, for our competitive European economic model, with strong social emphasis, a strong social safety net.  

The European Investment Bank will continue to work to give you every opportunity possible. Because as the master Antón Costas – who is here today – once taught me: talent is everywhere. North, south, rich countries, poor countries, big families, small families. They all have the same share of talented people, but the opportunities are not equally distributed. That is why it is up to the public sector to bring opportunities to where the talent is. That is what we are going to do. Building on the foundation of the policies and principles that brought us here.