A bank for Europe

In this exclusive interview with Jean-Paul Picaper for Politique Internationale, the new president of the European Investment Bank (EIB) sheds some light on this relatively unknown institution. Since being founded in 1958, the EIB has played a fundamental role in financing major European infrastructure projects, in particular working with small and medium-sized enterprises (SME). With Francois Hollande and a few other European leaders making growth a strategic focus, the EIB is now in the spotlight. Its capital has been doubled to increase its lending capacity for problematic economies in euroland. But Werner Hoyer also issues a word of warning to those who think the bank will resolve the crisis all by itself. Its financing arrangements are only a part of the current discussions. If Europe is to relaunch its economy, it must quickly restore investor confidence so that it once again becomes attractive in their eyes. But the only way to establish a climate of confidence is through austerity measures... Adapted from the source document.