EIB chief says Brexit hampered EU capital markets integration

Investing.com -- The United Kingdom's departure from the European Union has contributed to the bloc's struggles to integrate its capital markets, according to European Investment Bank President Nadia Calviño.

"We shouldn't underestimate the importance of Brexit," Calviño told Bloomberg Television on Wednesday. "London was Europe's financial market, and after Brexit we have divided our forces."

The EU has spent more than a decade attempting to deepen its capital pool to compete with the United States. Finance ministers have debated the project extensively, but little meaningful progress has been achieved.

Calviño's remarks follow comments from European Central Bank Governing Council member Olaf Sleijpen, who told a London audience on Tuesday that closer cooperation between the EU and Britain could help unite the bloc's capital markets.

"I really hope that 2026, 2027 will be a game changer for Europe in terms of financial integration," Calviño said.

The EIB has continued to prioritize the green transition despite some EU member states moving away from rapid climate action in recent years.

"Europe needs to break free of the excessive dependence on fossil fuels," Calviño said. "We need to regain energy autonomy."

The bank also focuses on strengthening EU defense capabilities and technology leadership. Calviño said the bloc needs to gain autonomy and strategic independence in these areas.

"The world seems to be turning faster," she said. "So we need to gain speed."

Calviño served as Spain's deputy prime minister and economy minister before becoming EIB president in 2024. Some observers view her as a potential candidate for a top position at the ECB.

"There are very good and strong Spanish candidates to lead the ECB for sure, also from other member states," Calviño said, ruling out running herself. "I am definitely where I should be."

You May Also Be Interested In

• Musalem: strong growth and investment influencing bond market - CNBC
• SpaceX shares fall as second lockup period ends
• Leggett & Platt shareholders approve merger with Somnigroup