The European Union’s influential antitrust chief has withdrawn her candidacy for the presidency of the European Investment Bank (EIB), following support from EU finance ministers for another candidate. Margrethe Vestager, who temporarily left her position to pursue the role, will now return to her role at the EU’s executive commission. The new president of the EIB, the development bank of the 27-member bloc, will begin their term on January 1. Denmark’s government announced the withdrawal of Vestager’s candidature, respecting the ongoing process. Spain’s economy minister, Nadia Calviño, has received the support of the finance ministers to become the next president of the EIB. Calviño, who previously worked for the European Commission, emphasized the bank’s role in funding the green transition, supporting Ukraine’s rebuilding efforts, and promoting Europe’s influence globally. The appointment of Calviño is subject to approval from the bank’s board of directors and governors. Vestager, known for her regulatory actions against prominent tech companies, confirmed her return to the European Commission and expressed her intention to reform the EIB to make it more strategic and efficient. The current European Commission’s mandate expires next year.
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