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As the European Commission’s current mandate draws to a close, some Commissioner’s are contemplating their next moves. One such politician is current Vice President Margrethe Vestager, who is campaigning to become the next president of the European Investment Bank (EIB). She is one of five potential candidates who will take over from current EIB president Werner Hoyer at the end of this year, with the successor to be chosen in the coming months.
The EIB is the largest multilateral development bank in the world, and plays a crucial role in the various investment programmes being implemented by the EU. However, it prioritises financing large companies and huge private banks for environmental and social quick fixes rather than projects which would instigate long lasting social and environmental improvements in Europe.
This is happening at a time when European social fabric and the EU’s political legitimacy is eroding. Recent riots in France have demonstrated what can happen when entire communities, combined with racism and police brutality, are structurally deprived of their basic human needs.
In episode 46 of EU Watchdog Radio, we speak with Frank Vanaerachot, Director of EU public finance watchdog Counter Balance. Frank explains how the EIB could help build quality, affordable housing, healthcare, education and other public services across Europe, how the bank may not be living up to its self-created ‘EU Climate Bank’ branding and how it can take more risks to finance socially beneficial projects.
This podcast is produced by CEO and Counter Balance. Both NGOs raise awareness on the importance of good governance in the EU by researching issues like lobbying of large and powerful industries, corporate capture of decision making, corruption, fraud, human rights violations in areas like Big Tech, agribusiness, biotech and chemical companies, the financial sector and public investment banks, trade, energy and climate, scientific research and much more…
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