EIB enters EU top job reshuffle

European Investment Bank (EIB) President Philippe Maystadt could find that his term comes to an early end as the race for the EU top jobs heats up and member states seek to achieve a new balance of power.

The possible change at the EIB would occur at the same time as a general reshuffle of the EU’s top jobs in the second half of 2009, when there will be a new Parliament, a new Commission and possibly (with the Lisbon Treaty in force) the first President of the EU Council. 

Two potential candidates from Benelux, the current Eurogroup President and former Luxembourg Prime Minister Jean-Claude Juncker and the former Belgian Prime Minister Guy Verhofstadt, are already in contention for the coveted position of EU President (see our ).

If one of these names should come forward, “it is highly unlikely” that another Benelux representative will be kept in one of the top EU jobs, among which is the presidency of the EIB, a source from the bank told EURACTIV.

Former Belgian Finance Minister Maystadt was appointed EIB President in 2000. His mandate was renewed in 2005 for another six years until the end of 2011. His re-appointment came as a surprise because he represents a minority block of shareholders in the EIB.

His block, made up of the three Benelux countries and the other old EU members excluding the ‘big four’, represents around 20% of the total shares in the bank. Italy, Germany, France and the UK are the biggest shareholders, with over 16% each. Spain contributes 9.7% of the EIB’s capital, while the new EU members together are at around 5%.

The early replacement of Maystadt would help re-establish the balance of power at the EIB, especially in the case of a Benelux appointment to another EU top job. One opportunity to hint at possible changes is the 50th anniversary of the bank, which will be celebrated in Luxemboug in the first week of June when the EIB board and the EU Ecofin Council meet. 

Italy seems to be in pole position in the race for the EIB’s highest seat. Among the other big shareholders, France already holds many top jobs (International Monetary Fund, World Trade Organisation, European Central Bank), the UK nominated the previous EIB President (Brian Unwin, 1993-1999) and Germany has just appointed Thomas Mirow as the President of the European Bank for Reconstruction and Development (EBRD).

Spain also has a chance of appointing Maystadt’s successor but its share in the bank is lower than Italy’s, while Javier Solana, the current High Representative of the EU Foreign Policy, is also running for the EU Presidency.

Another option is someone from the new member states, which are still waiting for a top job. However, Italy has a better chance, provided that new Prime Minister Silvio Berlusconi (who has a poor record of pro-European positions) nominates a personality with a recognised commitment to the EU and a high level of skills.

Thus one name could be former EU commissioner Mario Monti, whose EU profile fits perfectly for the job. By proposing him, Berlusconi could expect political gains in Brussels after having shown his renewed pro-European face. But Monti is not a Berlusconi man and has adopted critical stances against his government in the past. Can Berlusconi forgive him?

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