It’s been almost a year and a half since the High-Level Group of Wise Persons published its report, setting out options for consolidating and streamlining the European development finance architecture. That report generated a sparring match between the two European development banks—the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) —as to which was better placed to become the new European Climate and Sustainable Development Bank (ECSDB)
Reflections on the European Financial Architecture for Development
About the series
Interviews exploring the future of the European development finance system
In late 2019, a “High-Level Group of Wise Persons,” set out to propose approaches for streamlining the complex web of European development banks to pave the way towards a more effective and rational system focused on sustainable development impact. The Group recommended the establishment of a dedicated European development bank, thereby setting in motion a contest between Europe’s two multilateral banks, the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) as to which would be most capable of fulfilling this role. In 2020, a feasibility study was commissioned by the European Council to assess the viability of the two banks taking on this role, and to consider a third option – “Status Quo Plus” – more cooperation short of a new bank. It is this third option that has been endorsed. There is, however, still a long way to go to decipher what exactly the “plus” means in practice.
In 30-minute interviews with key stakeholders from the European bilateral and multilateral development banks, the European Commission and development finance experts, co-hosts, Mikaela Gavas (CGD) and San Bilal (ECDPM), take you on a thought-provoking journey as they explore efforts to maximize the potential of European development finance and get to grips with how to devise a more collaborative system.