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IN FEBRUARY THE cat was set among the pigeons when a committee of "wise men", appointed by the European Union to look at the future of EU foreign financing, suggested a merger of the European Investment Bank and the European Bank for Reconstruction and Development. Ostensibly, the report was looking at how the EU and the EIB could better administer their foreign financing and lending programmes while also adhering to wider EU policy goals. But the call to merge the EIB and EBRD garnered the most headlines. The head of that committee was Michel Camdessus, who speaks exclusively with Euromoney about his proposals.
Yes, of course. I know that there are differences among the staff and bureaucrats in both organizations and they would be opposed to it. But the question is what is the structure that best serves the EU? My firm conviction is that an institution with an overarching authority to be the external arm of the EU would be much more effective and visible and serve the interests of the EU.