This is a pivotal moment for the European Investment Bank (EIB). Werner Hoyer is nearing the end of his final term as the bank’s President. A new President will soon take charge, making this an ideal moment to take stock and assess whether the EIB is acting strategically to deliver on the European public’s most pressing needs.
The EIB has enormous unrealised potential to use its economic power to more effectively provide long-term solutions to the needs of people in Europe and across the world. In a letter to the bank, Counter Balance explain how the EIB is instead focusing too much on derisking projects for private corporations and financial institutions who do not necessarily need the bank’s support.
Instead, the EIB should work to guarantee affordable access to the essential services which households and people need most in order to live decent lives. The bank can achieve this by using the full capacity of its balance sheet to take on risks which directly support projects that address people’s basic needs, becoming more democratically accountable and strengthening its investment and safeguarding policies.