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)

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.

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)

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)

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.

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.