Brussels, 17/06/2003 (Agence Europe) - As he has done every year for the last four years, Philippe Maystadt has presented the European Investment Bank (EIB) annual report to the European Parliament's economic and monetary affairs committee. Focussing on the future prospects of the institution he presides over, Mr Maystadt repeated his main priorities, which the Bank's board, which is made up of EU Finance Ministers, approved on 3 June (see EUROPE of 6 June, p.17). Having spoken about economic and social cohesion policy, with particular regard to enlargement, he turned to the "re-dynamisation" of trans-European networks (TENs), taking account of the announcement by the future Italian Presidency of its intention to deploy a strategy to increase investment in infrastructure, in order to help out an economy that needs it (see EUROPE of 11 June, p.8, and of 13 June, p.12).
Welcoming the Italian initiative, Mr Maystadt nonetheless seemed to be somewhat cautious. We must not over-estimate the impact on the economy of re-dynamising the TENs, he explained, as this impact could turn out to be considerably less than foreseen because of the "long-duration" nature of the work to be done. He pointed out that the objective of the TENs, the brainchild of Jacques Delors, was "to complete the European single market" and that this objective "remains relevant". In this context, and in reference to the working group set up by the Commission to look into the question of boosting investment in infrastructure, and which is chaired by former European Commissioner Karel Van Miert, Mr Maystadt indicated that "we (the EIB) are prepared to make our contribution to the proposals put forward by the Italian Presidency". Talking about the means to implement this, he specified that "along with the Commission, we are inclined to look into the different plans proposed by the Italian Presidency, such as developing public-private partnerships". We will also need "recourse to new guarantees or securitisation schemes", he continued.
On regional policy and economic and social cohesion, Mr Maystadt pointed out that it was still a priority to the EIB, with 70% of funding. On the modus operandi in this area, he welcomed the idea of setting up a working group with the Commission's Regional Policy Directorate General, which would help to determine how best to combine the contributions of the two institutions to gain "considerable leverage". He was pleased to note that this embryonic collaboration had the "active support of Commissioner Barnier", who is responsible for regional policy. On enlargement and its consequences for the Bank's workings, Mr Maystadtreassuringly explained that the EIB had anticipated the event. "Operationally", he said, "we are already applying the same criteria and procedures to the candidate countries as to the Fifteen". He continued: "there will be no upheaval within the EIB, but there will be more funding applications from the candidate countries, to reach the European average". He believes that "it will be necessary to ensure proper collaboration between the Commission, the States in question and the EIB on the best possible way of co-operating". He pleaded in favour of applying the same Commission/EIB/Member States "tripartite formulae" to the new Member States as have been applied to Spain and Italy. These formulae have the advantage of properly determining the contribution of each, he said. As for organisation, on the other hand, the EIB President stressed the need for changes to the institution's management bodies, and revision of the composition of the Board.
When quizzed by the President of the Parliamentary committee, Christa Randzio-Plath (PES, Germany) on the quasi-absence of women from top jobs at the Bank, Mr Maystadt explained that this was in no way deliberate, there were simply too few women in a position to be promoted within the ranks of the organisation. "We must therefore concentrate our efforts on recruiting", he added.
Lastly, Mr Maystadt reiterated the importance he accorded to other objectives, such as funding for innovation, SMEs and the environment. He also emphasised efforts made by the EIB to improve communication, and indicated that the Bank had finalised a complete report on a measurement and management for all operational risks.