The president of the European Investment Bank (EIB), Nadia Calviño, has indicated that the reaction of Europe and its companies, opting for "diversified" growth in different destinations, "has defused the threat posed by Trump's tariffs," and has valued that the continent's firms have known how to adjust to the new global scenario.
From Bilbao, this Monday, she considered it "interesting to see how European companies have managed to adapt because their trade exchanges are growing after having found new markets" and stressed that, "beyond individual situations that may arise, what we see is that European companies continue to grow because they have diversified their markets."
At the same time, she described the current situation as "a moment of transition" and pointed out that her impression is that this phase "is only just beginning" since the structural shift will be "very profound and is only just starting to unfold."
Europe facing the geopolitical crisis and the energy transition
In this context, she avoided setting time horizons for the geopolitical crisis originated by the situation in the Middle East, understanding that we are not yet "at the end of the tunnel" and that instability confirms the need for Europe to accelerate the energy transition to reduce its dependence on external energy and fossil fuels, so the great challenge is to "mobilize private investments" in this area.
After pointing out that progress is being made in "the right direction," she insisted that the key is the speed of the process, as European companies have proven to be highly competitive, something that, she said, "sometimes, the noise does not allow us to perceive."
Questioned about the fact that stock markets barely reflect the impact of geopolitical tension, Calviño admitted that "financial markets, for the moment, remain in full effervescence," although she called for "being very alert because these types of situations turn around overnight," which is why, she emphasized, "prudence is imposed from the perspective of economic forecasting, as international organizations or the Spanish government itself do."
Impulse for a common Defense policy in the EU
Calviño has once again highlighted the convenience of articulating a joint Defense policy at a European scale, advocating for the creation of a pan-European program that integrates and coordinates the military capabilities of the member states.
She explained that her priority this year will be oriented towards "reinforcing European capacity in Security and Defense" because, she added, "unfortunately, we all prefer to invest in education and hospitals, but we will have to continue allocating significant resources to this matter, taking advantage of the capacity of European industry."
Faced with those who demand strong leadership within the Union, she recalled that we must be "conscious that the European Union is a project of 27 democracies, 27 united states, 27 democratic regimes with their governing parties and their opposition parties and their parliaments in a constant state of election," a characteristic that, in her opinion, must prevail over these personalistic visions.
In this regard, she stressed that "while others build walls, in Europe we build bridges from its condition as an anchor of trust, peace, respect for human rights, and stability" within a "project of shared prosperity."
When questioned about the Spanish political situation in her capacity as former vice president, she declined to comment, considering that, from her current responsibility, she cannot "in any way engage in national political issues."
Euskadi, strategic partner of the EIB
Likewise, she highlighted Euskadi's economic strategy, which, thanks to "a very diversified economy, powerful financial institutions, and large innovative companies in sectors such as aerospace, energy, defense, or security," is configured as an autonomous community with "extraordinary strength to seize opportunities."
She delivered this message at a forum organized by El Correo, where she detailed the 2.3 billion euros that the EIB has allocated to projects in Euskadi in the last two fiscal years; the most recent being a 500 million euro loan signed this very Monday with the lehendakari, Imanol Pradales, to strengthen the Basque health network and advance in energy efficiency improvements, among other objectives.
The meeting, held at the Euskalduna Palace, has brought together, among others, representatives of the Basque Government such as Deputy Lehendakaris Ibone Bengoetxea and Mikel Torres; the Minister of Housing, Denis Itxaso; the Government Delegate, Marisol Garmendia; the President of the EBB, Aitor Esteban; the Secretary General of the PSE-EE, Eneko Andueza; the former Lehendakari Iñigo Urkullu; the President of the Juntas de Bizkaia, Ana Otadui, and the Foral Deputies for Employment, Social Cohesion and Equality, Teresa Laespada, who introduced the speaker, and for Finance, Itxaso Berrojalbiz.
The President of the EIB has highlighted the entity's role as a "strategic partner of industry," also in Euskadi, where it acts as a "driver of well-being" and where companies, with a marked innovative profile, contribute "a lot of power" to the Basque economy. In her opinion, "from its experience with the productive fabric of this land, a dynamic vision of the future is perceived, and it is a very trustworthy spokesperson to take advantage of new opportunities, whether in AI, bioeconomy, new health sciences, or energy."
Calviño has reviewed the EIB's involvement in key initiatives for Euskadi, from the High-Speed Train to the expansion of the Port of Bilbao, along with projects in health and housing, and has defended the advisability of increasing community investments in security and defense, as well as European partners deepening new commercial alliances that support their position in the new global scenario.