SANTIAGO OF COMPOSTELA. They left from different parts of Europe and set off towards a destination that only one of them will reach. A pilgrimage made of smiles, handshakes, promises to do one’s best to boost investments throughout the European Union. Mixed between tourists and real walkers, those who arrive here on foot with poncho, backpack, stick and shell as a necklace.
It is the pilgrimage to Santiago of the aspiring presidents of the EIB, who arrived in the town of Galicia with a badge around their neck that they had obtained at the last minute to try to ruin the party for the hostess – the vice-president of the Spanish government, Nadia Calviño – who she welcomed into her homeland all the EU Finance Ministers (colleagues but in this case also potential voters) in the hope of being crowned president of the financial institution based in Luxembourg.
He took them to visit the cathedral, one of the most famous in the world. And then she welcomed them into the Galician City of Culture, the architectural complex that hosted the two-day informal Eurogroup and Ecofin. And they, the rivals in this race towards the EIB, literally crashed her party. They were hosted by their respective delegations to try not to give them further advantage and to lobby with the other ministers. The Spanish remains the clear favourite, but the games will only end at the Ecofin in October.
This is why the other candidates made the most of the opportunity. To visit the marvelous cathedral, the porticoed streets of the centre, but also to play their cards. The most determined is undoubtedly Margrethe Vestager, who in order to run for the highest seat at the EIB (which offers a salary of 350 thousand euros) took (unpaid) leave of absence from her role as executive vice-president of the European Commission. On the plane that took her to Santiago de Compostela (in Economy) she didn’t stop knitting for a moment, her favorite anti-stress. Once there, she followed Calviño step by step and had a whirlwind of encounters. Also present is the Polish Teresa Czerwinska, current vice president of the EIB and aspiring number one.
And since all the big names were there (only the Swede Thomas Östro was missing), the former Italian minister Daniele Franco thought that he certainly couldn’t be missing. An absence would have been seen as a gesture of resignation. The Italian candidate, however, has no intention of throwing in the towel and so – accompanied by Minister Giorgetti – met with several ministers to try to cash in on their vote.
The president of the European Central Bank is chosen by the board of governors, which includes the 27 finance ministers. The weight of their vote is weighted with respect to the shares held by individual countries and to be elected you must have the support of at least 18 states representing at least 68% of the capital.
Germany, France and Italy each hold 18.78% of the capital and it is clear that the positioning of Paris and Berlin will be determined. No one has spoken publicly, but Calviño would have French support and also that of Chancellor Olaf Scholz. Moreover, Spain has effectively given up on claiming the leadership of the ECB Supervision (with Margarita Delgado) in favor of the German Claudia Buch, selected by Frankfurt. A move that paved the way for Calviño, even if the European Parliament (which had chosen the Spanish one) has yet to give its green light. In any case, there seems to be friction within the German government: minister Christian Lindner would prefer to give his support to Margrethe Vestager, which is why the game is still open. Certainly, at the moment, there are no signs that Berlin wants to focus on Franco.
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