Italy seeks German backing for its candidate to run EIB

Italy has requested German support for its candidate Daniele Franco as president of the European Investment Bank (EIB), the Italian Treasury said in a statement on Sunday. The request was made in a meeting between Italian Economy Minister Giancarlo Giorgetti and German Finance Minister Christian Lindner on the sidelines of the G20 in New Delhi, the statement added.

Italy has requested German support for its candidate Daniele Franco as president of the European Investment Bank (EIB), the Italian Treasury said in a statement on Sunday.

The request was made in a meeting between Italian Economy Minister Giancarlo Giorgetti and German Finance Minister Christian Lindner on the sidelines of the G20 in New Delhi, the statement added. It called Franco "a highly trained technocrat, free of political influences."

The EIB's current head, Germany's Werner Hoyer, has held the position since 2012 but will step down at the end of the year as leader of the European Union's investment bank. Franco, 70, is one of five candidates for the post. He is one of Italy's most experienced economists, having served as both deputy governor at the Bank of Italy and state auditor, a key role in the management of public finances.

He was economy minister in Prime Minister Mario Draghi's unity government in 2021-22, helping Italy navigate the COVID-19 crisis and the turbulence caused by Russia's invasion of Ukraine. Giorgetti and Lindner also discussed German airline Lufthansa's plans to take a 41% stake in ITA Airways, a deal agreed in May but still to be cleared by the European competition authorities.