00:00For more on this angle, we can cross now back to Luxembourg, to the European Investment Bank,
00:04where Euronews' EU editor Maria Tadeo is standing by for us.
00:10Yes, Maeve, good morning. We are here in Luxembourg at the annual European Investment Bank
00:14conference, a stronger Europe in a changing world. And to debrief, we are joined by the
00:19president of the bank, of course, and that is Nadia Calvino. Thank you very much for joining us
00:24today. We just heard on the show, however, this is a complex moment for Europe. Gas prices went
00:29up 50 percent on one day, added another 30 percent on a second day. Energy is the weakest
00:34point for the European Union. You talk about a stronger economy. Can Europe really stay
00:38strong in this very volatile context? I think that the current escalation of the
00:43conflict in the Middle East makes it more urgent than ever that Europe reinforces its strategic
00:48autonomy, whether it's in the area of energy or security and defense. In the last four
00:53years, since the beginning of the war in Ukraine, Europe has become much more resilient, much
00:58more independent. European companies have proven to adjust and to be flexible, to adapt to
01:05these changing conditions. And so I'm confident that this time around we will also be able
01:09to tackle this challenge.
01:10But do you worry, however, that this could – of course, there's many uncertainties and
01:14it's unclear how long this war is going to go on, or even if Europe will have to participate
01:18in a more active way. But are you concerned, perhaps, that this is another energy shock to
01:23a European Union already shocked from this escalation of prices in gas and cutting away from Russia?
01:28Is that something that you worry about at this stage?
01:30But, you know, it's not only about Europe. I think that war is destabilizing the global
01:35economy. Tensions, conflicts that we're seeing in these last years are obviously not conducive
01:40to a framework and to an environment of stability, peace and investment. So as European Investment
01:45Bank, what we do is obviously to support strategic investments in Europe and also contribute to
01:53a more peaceful, more stable world around us.
01:56And, of course, yesterday in your speech in which you said Europe needs to go bigger and
02:00now much faster too, it is clear there's a connection now with the economy, the single
02:05market and, of course, defence. You can play that double feature and that double role with
02:10the European Investment Bank spending more money in loans into defence. Is that something
02:14where you believe this year you could become that defence bank? You know, many around the
02:19table in Europe want you to do that.
02:21Well, I mean, 2025 was a turning point for the European Investment Bank in terms of financing,
02:26security and defence. We already reached 5% of our finance inside the EU devoted to this
02:31sector. We have a very robust pipeline of projects. We will continue on the same track,
02:36but each player needs to play its role. You know, we're not the defence ministry, so the
02:41European Commission, the European Defence Agency, NATO.
02:43So you don't see yourself as a defence bank. You see yourself as a multiple bank. You don't
02:47want to be the European defence bank for a European security union, perhaps. That's not
02:52what you see your role being at this point.
02:54We are the European Investment Bank. So we are the financial arm of the European Union,
02:58contributing, putting the money where our mouth is, and supporting European priorities.
03:03And you've had a lot of CEOs in this conference. One of them is, of course, Mestral, the artificial
03:08intelligence unicorn, now a big hope for the Europeans to stay in the game. What are
03:12CEOs telling you that they need from you? Ultimately, it is about the companies.
03:15Well, the main message we're getting from business leaders, and I'm really grateful and impressed
03:20that with all that's going on around us in the world, actually, we gathered here in Luxembourg
03:25a stellar line-up of speakers, institution leaders, top managers of leading companies, also investors.
03:35It's really the exchanges we're having are extremely productive and rich. And what the business
03:41community is telling us is we need large-scale finance to scale up. Europe has leading technologies,
03:49incredible talent, research capabilities, also a very vibrant ecosystem of start-ups and growing companies.
03:56What we need is large-scale venture debt, venture capital investments that can allow these companies
04:02to grow into global leaders.
04:05Because otherwise, they list in America, they go to New York. And speaking of America, however,
04:09I have to ask you just a final question. Of course, you've had a long career working in the European
04:13Commission.
04:13You also served as finance minister and economy minister in Spain under the government of Pedro Sánchez.
04:19Obviously, there's now a lot of tensions between the two sides. I'm sure you saw the news yesterday.
04:23Full embargoed on the Spanish economy, according to the U.S. President. Do you have any reaction?
04:29Well, obviously, Europe is speaking with one voice in this area. We are united when it comes to trade,
04:35when it comes to the economy. And more generally, I think that we all benefit from respecting international law
04:42and trying to contribute to peace around the world. This has served us well for the last 80 years,
04:47and we should continue on that track. The European Union is a force for good, a force for stability,
04:52for win-win partnerships, for peace. And I am quite sure that we will continue to try to de-escalate
04:58current tensions
04:59and find positive ways out.
05:02Well, let's see about that de-escalation. Thank you so much, President, for joining.
05:06And of course, this forum continues now. Back to you.
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