The Treasury is betting on Franco to lead the EIB, among the candidates there is also the Spanish Calviño

BRUSSELS. The great puzzle of EU nominations will only come together after next year’s European elections, which will in all probability be held over the weekend from 6 to 9 June. But the first piece will have to be placed shortly because the new president of the European Investment Bank (EIB), the financial arm of the European Union, must be chosen. Italy has a good chance of winning the game and the Treasury, according to reports from “La Stampa”, has already begun sounding out the allies on the name of the candidate it deems most expendable: the former Finance Minister Daniele Franco. Even if the clash over the non-ratification of the Mes risks complicating the negotiation.

The race to replace the German Werner Hoyer, whose mandate expires in December, officially began yesterday: during the Ecofin meeting, the Swedish presidency of the EU invited the 27 governments to submit possible candidacies by 16 June. On that day, the Board of Governors of the EIB will meet in Luxembourg to approve the list of candidates, after which the names will be examined by the Nomination Committee. In the autumn, the Twenty-seven will vote to elect (by qualified majority) the new president.

The real decisive moment will therefore be between October and November, but the bilateral contacts between the ministers are already working to build alliances. For economic-financial tasks, in general, the EU countries are divided according to the classic North-South scheme. But political affiliation can also play a role. From this point of view, the name of Franco – even if proposed by a center-right government – is absolutely “neutral”, being a pure technician. This can certainly help him gather a transversal consensus, beyond the fact that his curriculum vitae (State General Accountant, General Manager of the Bank of Italy and then Treasury Minister in the Draghi government) is undoubtedly his best calling card . Among other things, Italy has always been a privileged partner of the EIB, being the first beneficiary of loans: about 10 billion euros last year out of a total of 72.5 billion.

However, Franco’s candidacy could clash with another strong name on the Mediterranean front. For the presidency of the EIB there is much talk about the current Spanish Deputy Prime Minister and Finance Minister Nadia Calviño, who yesterday had a bilateral meeting with the current President Werner Hoyer and spoke with her colleague Giorgetti on Monday. However, Calviño should prematurely leave the government of Pedro Sanchez, which is why the Spanish has not yet dissolved the reserve. Former general director of the EU Commission, next year the minister could leave Madrid to return to Brussels and obtain a portfolio during the next mandate of the Commission. However, everything depends on the outcome of the year-end elections in Spain: a victory for the centre-right would block the way, which is why the EIB option would allow it to position itself prematurely.

On the Nordic front, however, there are two strong names circulating: the Danish Margrethe Vestager and the Latvian Valdis Dombrovskis. The first is the current head of competition, the second is responsible for the economy and trade. Both have the rank of executive vice president in the von der Leyen Commission and both are already in their second term, which is why they would be looking for a way out of the Berlaymont Palace. In their case, the obstacles are represented by the fact that in order to join the EIB they would have to leave the Commission almost a year early.