Nadia Calviño, EIB President: Can Europe compete?

Summary

The Interview: Nadia Calviño, EIB President—Can Europe Compete?

BBC World Service | March 23, 2026
Host: Peter McJoe
Guest: Nadia Calviño, President of the European Investment Bank (EIB)

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Episode Overview

In this episode of The Interview, BBC's Peter McJoe speaks with Nadia Calviño, President of the European Investment Bank and former Spanish Finance Minister. As Europe navigates a rapidly changing geopolitical landscape, Calviño discusses the EIB’s evolving role in supporting the continent's competitiveness, security, and green transition. The conversation explores Europe's strengths and vulnerabilities, current investment priorities, efforts at market integration, and the urgent drive for energy autonomy.

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Key Discussion Points & Insights

1. The EIB’s Mission in a Shifting Global Order

• Europe’s Priorities Evolving:
  Calviño emphasizes that Europe's priorities have broadened beyond traditional infrastructure, now encompassing climate, technology, security, defence, and social infrastructure.

  “We're the European Investment bank, so we put the money where Europe's priorities are. Right now, this means climate, technology, security and defence and social infrastructures and the rest.” — Nadia Calviño (02:37)

• Redefining Defence:
  Defence investment is not just ‘about tanks’ but also energy security, resilience to health crises, and societal cohesion.

  “Defence is also about energy security, isn't it? It is about resilience to health, as we learned very, very clearly with the COVID pandemic. It is about social cohesion and territorial cohesion.” — Calviño (02:58)

2. Europe’s Strength as a Superpower

• Reminding the World (and Itself) of European Clout:
  With 450 million people, global supply chain links, and advanced industries, the EU possesses superpower capabilities—yet doesn’t always act like it.

  “Europe is a superpower… when it comes to advanced manufacturing, industrial robotics, aerospace, quantum health tech, these are areas where European companies are second to none.” — Calviño (12:11)

• Need for Confidence:
  Calviño asserts the EU needs more “self-esteem” and belief in its influence and capacity for good.

3. Accelerating Integration and Investment

• Four Urgent Action Plans Identified:
  1. Deeper European Integration
  2. Large-Scale Investment (especially in critical infrastructure)
  3. Simplifying EU Operations (reducing bottlenecks, friction, and market segmentation)
  4. Building Global Partnerships
• Role of the EIB:
  EIB is at the forefront of mobilising capital, supporting projects “from highways to airports, also research centers, universities and hospitals and frameworks that can build networks and partnerships around the world.” — Calviño (05:40)

4. Current Investment Priorities

• Top Three Focus Areas:
  1. Green Transition/Climate: Making Europe’s clean transition a success; response to energy shocks.
  2. Technological Leadership: Investing in high-risk technologies like cleantech and space.
  3. Security and Defence: Expanding role, including infrastructure and supply chain resilience.

  “These three areas are our top priorities right now.” — Calviño (08:01)

• Expanding the Defence Portfolio:
  EIB’s defence financing quadrupled to €4 billion in the past year, spread across military infrastructure, homegrown tech (e.g., drones), research, SMEs, and venture capital for security innovation. (08:47-10:14)

5. Market Fragmentation and Barriers to Growth

• Internal Market Barriers:
  Over 60% of EU companies cite market fragmentation as a barrier, equivalent to an “effective” 45% tariff on goods and 110% tariff on services.

  “Fragmentation existing in our internal market is actually comparable to a 45% tariff when it comes to goods and even 110% tariff when it comes to services.” — Calviño (11:28)

• Scaling European Startups:
  Europe is an “incubator of the world”—startups thrive but struggle to scale as there’s a lack of large, risk-tolerant investors.

  “When they need to really become adults…they have to go to the other side of the Atlantic…” — Calviño (16:34)

6. Mobilizing Risk-Tolerant Capital

• Challenges:
  Regulatory and tax divergences across the EU limit foundations and non-profits from investing heavily in venture capital.

  “There are hindrances and disincentives for these institutions to take risk.” — Calviño (18:11)

• EIB’s Catalyzing Role:
  EIB catalyzed 30% of EU venture debt and 25% of venture capital last year, aiming to “de-risk” and enable larger investments.

7. Strategic Partnerships Beyond Europe

• New Agreements:
  The EIB signed major agreements with:
  • World Trade Organization (WTO): To foster trade and investment, focusing initially on Africa, providing technical assistance and removing barriers.

    “We will be providing technical assistance. We will be analyzing what measures, how we can…support those companies that want to operate first and foremost in Africa…” — Calviño (20:14)

  • Gavi, the Vaccine Alliance: Transforming global pledges into actionable funding for vaccine security and local manufacturing, notably in Africa.
  • Mission 300: With the World Bank and African Development Bank, a €1 billion contribution to provide clean energy for 300 million Africans by 2030.

8. Europe’s Drive for Energy Autonomy

• Energy Security is Urgent:
  The Ukraine war and Middle East instability highlight Europe’s over-dependence on imports, pushing for a full-speed transition to renewables and energy independence.

  “If there is one lesson…is that it is urgent that Europe regains energy autonomy.” — Calviño (23:53)

• Action Steps:
  Heavy EIB investment in grids, renewables, decarbonisation, and SME efficiency—the “energy revolution…is in full swing…but we need to accelerate this transition.” (23:53-25:03)

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Notable Quotes & Memorable Moments

• On Europe's Unmatched Industrial Strength:

  “European companies are showing remarkable resilience. They have withheld the tariff shock better than U.S. companies because they have redirected the trade…built new partnerships…and continued to grow, to invest, to trade.” — Calviño (12:11-14:21)

• On Defence’s Expanding Definition:

  “Defence is also about energy security…social cohesion and territorial cohesion…” — Calviño (02:37, 10:49)

• On the Need for European Venture Investment:

  “We are in a way the incubator of the world... when they need to really become adults…they have to go to the other side of the Atlantic.” — Calviño (16:34)

• On Energy Transition:

  “The volumes of renewable energy have doubled... we are really in the middle of this process of transition now. We need to press ahead, accelerate this transition…” — Calviño (23:53)

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Key Timestamps

• 02:37: Calviño on redefining defence and EIB priorities.
• 05:06: Urgent action plans: integration, investment, simplification, partnerships.
• 08:47: EIB’s defence investment quadruples, new areas of focus.
• 11:28: Market fragmentation—tariff equivalence.
• 12:11: Europe's resilience; confidence as a superpower.
• 16:34: Scaling startups and investor challenges.
• 18:11: Barriers to mobilizing venture capital.
• 20:14: EIB’s partnerships with WTO and Gavi.
• 23:53: Energy sovereignty and urgency for the EU.

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Conclusion

Nadia Calviño presents a confident, proactive vision for Europe’s economic and strategic future. The European Investment Bank is doubling down on enabling the green transition, technological leadership, and a broad definition of security—cohesion, energy, and health. While Europe boasts strengths rivaling the world’s superpowers, unlocking its full potential depends on deeper integration, regulatory reforms, investing at scale, and believing not only in its own capacity for leadership, but also in the necessity of global partnership.

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Transcript

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[Peter McJoe]

Hello, I'm Peter McJoe, BBC presenter, and this is the interview from the BBC World Service. The best conversations coming out of the BBC. People shaping our world from all over the world.

[Interviewer]

If you're not a little bit afraid,

[Nadia Calvino]

then you're not paying attention. We have never seen a people so united. Do not make that boat crossing. Do not make that journey. Being born in America, feeling American, having people treat me like I'm not.

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[Peter McJoe]

For this interview, I met Nadia Calvino, the president of the European Investment bank in Luxembourg, a former Spanish finance minister who now oversees the EU's huge lending arm, mobilizing billions of euros to finance infrastructure, technology and energy projects across Europe and the developing world. You're going to hear about how Europe needs to find its place in a shift in global order and why. Nadia Calvino believes the continent is an economic superpower and needs to act like one. But with wars, energy concerns and tariffs rocking the global economy, Europe's priorities are shifting with an increasing urgency around defence and security.

[Nadia Calvino]

We're the European Investment bank, so we put the money where Europe's priorities are. Right now, this means climate, technology, security and defence and social infrastructures and the rest. So I think that all of it is very much underpinning competitiveness and security. You know, many people may think, oh well, defence is about tanks. No, defence is also about energy security, isn't it? It is about resilience to health, as we learned very, very clearly. With the COVID pandemic. It is about social cohesion and territorial cohesion. It is about social infrastructures. That's the European brand, that's the European way of life. So we need to act in all these areas in order to ensure peace, security, stability on our continent, but also in our neighborhood. And that's what the European Investment bank has in its DNA. And that's where we're good at.

[Peter McJoe]

Welcome to the interview from the BBC World Service with Nadia Calvino.

[Interviewer]

How important is the strong Europe when you look at the current geopolitical landscape?

[Nadia Calvino]

Well, we see that the geopolitical context, the global order is reshaping. Some say it is actually crumbling down. I think there is a new global order that will emerge. But we are in the midst of this transformation and we are entering a new phase as we see. And in this context, it's more important than ever that Europe acts as a beacon of democracy, of human rights. Respect, win, win partnerships where everybody wins. You know, in order for you to have a success, you don't need others to lose, which seems to be the approach of some others, you know, in these troubling times, an approach that fosters peace and mutual respect. I think that this is really important. And Europe has learned lessons throughout our history, unfortunately, that can be very valuable for the world as we, as we are building these new world order.

[Interviewer]

You identified four key urgent action plans. That includes having a deeper European integration, large scale investment, especially in critical infrastructure, simplification of the eu, making it more nimble, more agile, and of course, more partnerships and global alliances. Can you break that down a little bit?

[Nadia Calvino]

Well, it is clear that, you know, sometimes we focus very much on what is happening on the other side of the Atlantic, whether there is a tariff that is being imposed or that there are new technologies and supply chains around the world are changing. But actually Europe is a superpower. The European Union represents 450 million persons, of course, much more when we talk about the uk, Switzerland, Norway, and if we think about those sectors that are key for the future, Europe is a superpower, a technology superpower, whether it's quantum technologies, aerospace, health, tech. Many people, people may think, oh, this is very far from me. But more and more, I think that we're all aware that these technologies are going to be key in our daily lives. So if we build on our strengths and we have a larger, real, integrated one market in Europe, then that is going to create the right scale for companies to be able to thrive and scale up. And likewise, when it comes to simplification, Reducing bottlenecks, reducing friction and fragmentation and large scale investments. And that's where the European Investment bank comes in. Of course, it's the great success story of the European Union. With capital injection by the member states, now, 27, originally 28 have been able to mobilize trillions of investment that finance the super infrastructures that we have, from highways to airports, also research centers, universities and hospitals and frameworks that can build networks and partnerships around the world.

[Interviewer]

What are your key priority areas for investment right now? I mean, there's a lot that the EIB is doing across the region, but also in places like Africa and Latin America. But in terms of your priority, what would you say is the niggling one right now? I mean, there's a lot that the EIB is doing across the region, but also in places like Africa and Latin America. But in terms of your priority, what would you say is the niggling one right now?

[Nadia Calvino]

Well, 90% of our finance, as you rightly say, finances projects inside the euro, 10% around the world. But our priorities are similar in all areas and our shareholders have unanimously supported them last in 2024. So we're keeping the course in being the climate bank, making the green transition, the clean transition, a European success that leads to lower energy prices, cleaner, more sustainable energy. And as we are seeing these days in the Middle east, with the escalation of the conflict, we need to accelerate our energy autonomy in Europe. That's the very clear second priority, technological leadership, supporting high risk innovative technologies, whether it is in cleantech or space, as I mentioned that ensure that Europe continues to be a technology powerhouse. And third priority, security and defence. Because it is very clear we need to step up our support and our strength in the area of security and defence. We're also very active in agriculture and bioeconomy. Of course we support territorial cohesion, but probably these three areas are our top priorities right now.

[Interviewer]

I noticed that with your funding for defence, it's quadrupled in the last year and you've broken it down into five key areas. Investing in infrastructure, homegrown capacity, I.e. drones, etc. Research, SMEs within the supply chain and of course new venture capital within the EU focused on security and defence. Could you elaborate on the decisions behind quadrupling the budget, but also how you intend to go down the ecosystem system?

[Nadia Calvino]

Yes. When I took the helm of the of the European Investment bank in January 2024, the war in Ukraine had been going on for almost two years and it was clear to me that we needed to step up our support in this area, which was virtually non existent at that time. And it is impressive how in a matter of couple of years we've been able to build a very robust pipeline. We've been able to finance last year around 4 billion euros, reaching 5% of our finance inside the EU. And these five areas are determined by the pipeline of projects we have and those areas where the European Investment bank is uniquely placed. There is no other institution in Europe, public or private, that operates in all the 27 member states in all the regions and can provide really large scale long term finance loans that may run up to 30 years in good financial conditions so as to finance military mobility infrastructures, military campuses, but also high risk research programs, scale up also venture capital investments, acting as an anchor investor that brings in private capital to support the ecosystem of startups and scale ups in Europe. And what I see is great potential. I have myself visited a number of companies that show that this technological leadership is there and what we need is to reach scale and speed.

[Interviewer]

Are you or is the EIB under some pressure to be the financier of defence within Europe?

[Nadia Calvino]

We're the European Investment bank, so we put the money where Europe's priorities are right now. This means climate, technology, security and defence and social infrastructures and the rest. So I think that all of it is very much underpinning competitiveness and security. You know, many people may think, oh well, defence is about tanks. No, defence is also about energy security, isn't it?

[Interviewer]

Absolutely.

[Nadia Calvino]

It is about resilience to health, as we learned very, very clearly with the COVID pandemic. It is about social cohesion and territorial cohesion, it is about social infrastructures. That's the European brand, that's the European way of life. So we need to act in all these areas in order to ensure peace, security, stability on our continent, but also in our neighborhood. And that's what the European Investment bank has in its DNA. And that's where we're good at.

[Interviewer]

Some reports have shown that over 60% of EU companies complain about a fragmentation within the market when it comes to exporting.

[Nadia Calvino]

You know, some estimates from the International Monetary Fund consider that the fragmentation existing in our internal market is actually comparable to a 45% tariff when it comes to goods and even 110% tariff when it comes to services. You know, I see this as a huge opportunity.

[Interviewer]

I'm wondering, this strength that Europe has is almost like a reminder to the rest of the world to say Europe has always been a superpower, but with what's happening now in the geopolitical system. It was an opportunity for Europe to remind the world that we are here and we are the stable partner that you can rely on regardless of what's happening around the world.

[Nadia Calvino]

Yeah, absolutely. You nailed it. Because many times with these doom and gloom around us and as we see war and death and blood around us and conflict, it is sometimes overwhelming and citizens feel insecure and they wonder, you know, and obviously the European Union is a project of peace. So we cannot be a defense and a military superpower when we have been building a project of peace on the ashes of the wars that have permeated the European history. So sometimes we need to remind ourselves. And I think the investment report, although it may be very far away, is a very good illustration because we built this report on the basis of the analysis of 13,000 companies in the EU and in the US and this year's report confirms what we already saw last year, which is that European companies are weathering the storm quite well. European companies are showing remarkable resilience. They have been withholding the tariff shock better than US Companies because they have redirected the trade. They have benefited from the 76 investment and trade agreements that the EU has signed around the world. They have built new partnerships and new supply chains. And so that has allowed them to be quite resilient to the tariff shock, likewise to the energy shock. What we see that European companies have continued to grow, to invest, to trade, and they are committed to the green transition and the integration of new technologies in their productive systems. And when it comes to advanced manufacturing, industrial robotics, aerospace, quantum health tech, these are areas where European companies are second to none. So we have to also have a bit more of self esteem and believe more in ourselves because when we act, and that has been proven time and again, we can be having a very strong influence in the rest of the world and a force for good in these troubling times.

[Peter McJoe]

You are listening to the interview from the BBC World Service.

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[Nadia Calvino]

It does seem to me that there is some awakening of a desire to act together to solve problems where they are.

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[Peter McJoe]

My conversation with Nadia Karvina was not confirmed until the last minute following weeks of negotiation with her press team. In fact, it wasn't until her videographer appeared to film her arrival that I knew the interview was on. In person, she had undeniable presence, flanked by media staff and a stern looking minder. As we spoke, I was struck by her enthusiasm and her close grasp on the detail of the work she's leading for the eib. Okay, let's return to my conversation with Nadia Kavino.

[Interviewer]

Let's talk about the EU single market. This is a 19 trillion economy. The European Union. Is the market underutilized? Are there enough commercial activities to attract the kind of investment that you're clamoring for?

[Nadia Calvino]

You are absolutely right that when it comes to the size of our market, it is comparable to the US in comparable terms when we take into account the currencies and the prices. And it is in nominal terms also comparable to China. So Europe is a superpower and it is perceived to be a superpower by the rest of the world. Sometimes others see what we can't. So what we need is to build on this single market, on this one market, remove the inefficiencies, simplify processes and allow companies to scale up. That is probably the one area where we do have a serious gap, because we have a vibrant ecosystem of startups which is comparable to the American one. But we are in a way the incubator of the world. They grow, they start to grow and we support them and they're doing great. But when they need to really become adults, when they need to have 500 million euros or even more in their capital, then they have to go to the other side of the Atlantic, because even though Europe has large savings, there are no suitable investors Venture investors that are ready to take the risk and put up a large amount, a large ticket. And that is the gap that we need to fill. When we do that, then European companies will be able to grow and thrive here in Europe.

[Interviewer]

How do you think we can find these investors, these risk tolerant investors, the ones possibly willing to take losses but committed to the long term. What steps do you think needs to be taken to be able to find these investors?

[Nadia Calvino]

There is no magic wand to mobilize these investors. Only this morning I had a meeting with some of the largest European foundations, non profit institutions. They are extremely interested to support us, but they are also subject to regulations, to rules, to restrictions as to how much venture capital they can have in their portfolio. For example, there are tax divergences between the different countries, there are different rules and regulations, there are hindrances and disincentives for these institutions to take risk. And here's where the European Investment Bank Group can help. Because our institution is a catalyzer of private investment. Last year we represented around 30% of venture debt in Europe, 25% of venture capital in the European Union. And that gives us a very good role to catalyze these private investors. See how we can de risk investments, how we can accompany them, co invest with insurance companies, pension funds. But we also need regulatory changes in parallel so that they are able to to take these additional risk. And we can mobilise those deep pockets, those trillions that are invested or lying in just credit accounts and current accounts in the banks or in other not so productive investment instruments.

[Interviewer]

Although the EIB primarily looks after the region in terms of investment, but also there's a lot of commitment outside of the region. Now, you've signed a couple of deals already this week, a couple of agreements. One unique one, a pioneering arrangement with the World Trade Organization which is supposed to help remove barriers to trade and investment and give partner countries an opportunity and access to European businesses. Can you expand a little bit, Madam President, about how important this agreement is with the wto?

[Nadia Calvino]

Yes. We have signed in the course of this week two very important agreements, one with the World Trade Organization and the head, Dr. Ngozi. She is very committed to mobilizing investment, in particular in Africa and trying to foster those reforms that can facilitate trade and investment in these regions. And you know, it's an example of a win win partnership because African countries need investment and European companies of course, are interested to invest in these countries. So we will be providing technical assistance. We will be analyzing what measures, how we can from the European Investment Bank Support those companies that want to operate first and foremost in Africa, and then we'll see in the rest of the world. Likewise, when it comes to the Gavi, that's the Vaccine Alliance. Dr. Sania Nishtar, the CEO of the Vaccine Alliance. Many people maybe don't know, you know, that this institution exists, which is fantastic because not only does provide vaccine security around the world and has grown enormously, of course, since the pandemic, but it also facilitates the building of vaccine manufacturing facilities, capacities, facilities around the world, and in particular in Africa. So the European Investment bank is partnering with the GAVI so that we transform pledges where finance ministers from around the world are pledging in the coming years. We're going to contribute X million pounds or euros or dollars to the Vaccine Alliance. What we do is we transform those pledges into real money so that the manufacturing facility can start to be built, you know, because we provide the liquidity. And we have, on top of that, we also provide financing for vaccine campaigns, also mostly in Africa, but also in other parts of the world. And that is again, a win, win partnership, because as Europeans, we are interested in ensuring global health. It's one world, it's one health. And also European companies that are very strong in, in the pharma industry are also benefiting, you know, that there is this broader market for their products. So these are areas where the EIB is uniquely placed to join forces with foundations, with public institutions around the world and make a difference. We have signed a 1 billion euro contribution to Mission 300, which is an initiative launched by the World bank and the African Development Bank. The head of the African Development bank was here this week, and we signed these. We announced this contribution to a mission which is very clear, very. With a very clear objective, ensuring that 300 million persons have access to affordable, clean energy in Africa by 2030. It is so important. Obviously, it's the basis of development, access to energy. So we will be partnering with these two large institutions so that together we can have a larger impact to the benefit of, of our continent, you know, our neighboring continent, our brothers and sisters on the other side of the Mediterranean, also contributing to more stability, more prosperity, more robust societies in our neighborhood.

[Interviewer]

Finally, Madam President, when we talk about energy, looking back into Europe, possibly maybe the only aspect where the EU is slightly vulnerable, how urgent is it for Europe to be energy sovereign?

[Nadia Calvino]

If there is one lesson coming to us from the war in Ukraine and now the escalation of the conflict in the Middle east, is that it is urgent that Europe regains energy autonomy. We are an energy importing continent. We are we discovered in 2022 that we were too dependent on fossil fuel producers. This continues to be an evidence. And so the revolution, the energy revolution, which is in full swing in Europe, you know, the number the volumes of renewable energy have doubled in a matter of years. The European investment bank is very heavily invested into energy grids, the deployment of renewables, decarbonization of heavy industry, also energy efficiency of SMEs, because obviously the cheapest energy is the one that's not consumed. But we are really in the middle of this process of transition now. We need to press ahead, accelerate this transition so that we can reduce our reliance, our dependence on other regions and that we can be more autonomous when it comes to energy.

[Peter McJoe]

Thank you for listening to the interview. For more compelling conversations, search for the interview Wherever you get your BBC podcast, you'll find episodes with Ukraine's President Vladimir Zielinski, Jamie Dimon, chief executive of JP Morgan Chase, plus many others. Until next time, bye for now.

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