Nadia Calviño
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Nadia María Calviño Santamaría (; born 3 October 1968) is a Spanish economist and civil servant serving as the President of the
European Investment Bank The European Investment Bank (EIB) is the European Union's investment bank and is owned by the 27 member states. It is the largest multilateral financial institution in the world. The EIB finances and invests both through equity and debt sol ...
since January 2024. From June 2018 to December 2023, Calviño was part of the cabinets led by prime minister
Pedro Sánchez Pedro Sánchez Pérez-Castejón (; born 29 February 1972) is a Spanish politician who has served as Prime Minister of Spain since 2018. He has also been Secretary-General of the Spanish Socialist Workers' Party (PSOE) since July 2017, having p ...
, holding the office of
Minister of Economy A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position . A ministry of finance's portfolio ...
. During her tenure, the portfolio was renamed three times: Economy and Business from 2018 to 2020, Economic Affairs and Digital Transformation from 2020 to 2023 and Economy, Trade and Business in the last period—. Since 2020 she was also
Deputy Prime Minister of Spain Deputy or depute may refer to: * Steward (office) * Khalifa, an Arabic title that can signify "deputy" * Deputy (legislator), a legislator in many countries and regions, including: ** A member of a Chamber of Deputies, for example in Italy, S ...
, first as Third Deputy Prime Minister (January 2020 to March 2021), later as
Second The second (symbol: s) is a unit of time derived from the division of the day first into 24 hours, then to 60 minutes, and finally to 60 seconds each (24 × 60 × 60 = 86400). The current and formal definition in the International System of U ...
(March–July 2021) and finally, First Deputy Prime Minister (July 2021 to December 2023). Calviño started her career in different positions within the Ministry of Economy and in 2006 took up a post at the
European Commission The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informall ...
. She worked in several
directorates-general Within the European Union (EU), Directorates-General are departments with specific zones of responsibility. Within the European Commission specifically, Directorates-General are the equivalent of national-level ministries. Most are headed by a E ...
and in 2014 was appointed Director-General for Budget (DG BUDG). She held this post until June 2018, when prime minister
Pedro Sánchez Pedro Sánchez Pérez-Castejón (; born 29 February 1972) is a Spanish politician who has served as Prime Minister of Spain since 2018. He has also been Secretary-General of the Spanish Socialist Workers' Party (PSOE) since July 2017, having p ...
offered her a cabinet position.


Early life and education

Nadia María Calviño Santamaría was born in
A Coruña A Coruña (; ; also informally called just Coruña; historical English: Corunna or The Groyne) is a city and municipality in Galicia, Spain. It is Galicia's second largest city, behind Vigo. The city is the provincial capital of the province ...
, Galicia, Spain on 3 October 1968. Her father, José María Calviño, was a former director general of the
Radio Televisión Española The Corporación de Radio y Televisión Española (; ), known as Radiotelevisión Española (''Spanish Radio and Television'', RTVE), is the Spanish national public television and radio broadcaster. It is a state-owned enterprise formed in 2007 ...
(RTVE). She graduated with a degree in economics in 1991 from the
Complutense University of Madrid The Complutense University of Madrid (, UCM; ) is a public research university located in Madrid. Founded in Alcalá in 1293 (before relocating to Madrid in 1836), it is one of the oldest operating universities in the world, and one of Spain's ...
and a law degree in 2001 from the
National University of Distance Education The National Distance Education University (, UNED) is a distance learning and research university founded in 1972 and is the only university run by the government of Spain. The headquarters is located in Madrid, with campuses in all Spanish aut ...
(UNED).


Career

Calviño is a member of the Senior Corps of State Economists and Trade Advisors. In the Spanish administration, she served as general director of the National Competition Commission. After more than a decade working in the Spanish Ministry of Economy, Calviño moved to the European Commission in 2006. There she held the posts of Deputy Director-General attached to the
Directorate-General for Competition Within the European Union (EU), Directorates-General are departments with specific zones of responsibility. Within the European Commission specifically, Directorates-General are the equivalent of national-level ministries. Most are headed by a ...
(DG COMP) and Deputy Director-General in the
Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs Within the European Union (EU), Directorates-General are departments with specific zones of responsibility. Within the European Commission specifically, Directorates-General are the equivalent of national-level ministries. Most are headed by a ...
(DG MARKT), as well as Deputy Director-General in the
Directorate-General for Financial Stability, Financial Services and Capital Markets Union Within the European Union (EU), Directorates-General are departments with specific zones of responsibility. Within the European Commission specifically, Directorates-General are the equivalent of national-level ministries. Most are headed by a E ...
. From 2014 to 2018 Calviño served as Director-General for Budget, under the leadership of European Commissioner
Günther Oettinger Günther Hermann Oettinger (born 15 October 1953) is a German lawyer and politician of the Christian Democratic Union (CDU) who served as European Commissioner for Budget and Human Resources from 2017 to 2019, as European Commissioner for Digi ...
. She has also worked as a professor at the Complutense University.


Minister of Economy of Spain

In June 2018 Calviño was chosen by Prime Minister
Pedro Sánchez Pedro Sánchez Pérez-Castejón (; born 29 February 1972) is a Spanish politician who has served as Prime Minister of Spain since 2018. He has also been Secretary-General of the Spanish Socialist Workers' Party (PSOE) since July 2017, having p ...
to be part of his new government as Minister of Economy and Business of Spain, following the
motion of censure A motion or vote of no confidence (or the inverse, a motion or vote of confidence) is a motion and corresponding vote thereon in a deliberative assembly (usually a legislative body) as to whether an officer (typically an executive) is deemed fit ...
that the
PSOE The Spanish Socialist Workers' Party ( , PSOE ) is a Social democracy, social democratic Updated as required.The PSOE is described as a social-democratic party by numerous sources: * * * * List of political parties in Spain, political party ...
presented against the previous government of
Mariano Rajoy Mariano Rajoy Brey (, ; born 27 March 1955) is a Spanish politician who served as Prime Minister of Spain from 2011 to 2018, when a 2018 vote of no confidence in the government of Mariano Rajoy, vote of no confidence ousted his government. A m ...
( PP) and that was approved by the
Congress of Deputies The Congress of Deputies () is the lower house of the , Spain's legislative branch, the upper house being the Senate of Spain, Senate. The Congress meets in the Palacio de las Cortes, Madrid, Palace of the Parliament () in Madrid. Congress has ...
on 1 June 2018. Thus, on 7 June she took office as Minister of Economy and Business before the King at
Palace of Zarzuela The Zarzuela Palace ( ) is the residence and working offices of the reigning monarch of Spain (King Felipe VI), although the official residence of the Spanish royal family is the Royal Palace of Madrid. The Zarzuela Palace is on the outskirts of ...
. Following the resignation of
Christine Lagarde Christine Madeleine Odette Lagarde (; , ; born 1 January 1956) is a French politician and lawyer who has been the President of the European Central Bank since 2019. She previously served as the 11th Managing Director of the International Monetar ...
as managing director of the
International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...
(IMF) in 2019, Calviño was one of the candidates considered by European governments as potential successor; she withdrew after a first round of voting among representatives of the EU's 28 member states and the post went to
Kristalina Georgieva Kristalina Ivanova Georgieva-Kinova (; ; born 13 August 1953) is a Bulgarian economist who has served as the 12th managing director of the International Monetary Fund since 2019. She is the first person from an emerging market economy to lead ...
instead.


Deputy prime minister

During the electoral debate of 5 November 2019, Pedro Sánchez announced that Calviño would be appointed economic vice-president if he were elected president, office she assumed as third deputy prime minister and Minister of Economic Affairs and Digital Transformation on 13 January 2020 before the King. On 31 March 2021, she was promoted to Second Deputy Prime Minister and on 12 July 2021 to First Deputy Prime Minister. In this new stage, Calviño's powers on new technologies and digital transformation expanded, creating in her department new positions related to this affairs, such as the Secretary of State for Digitization and Artificial Intelligence.


COVID-19

In early 2020, the
COVID-19 pandemic The COVID-19 pandemic (also known as the coronavirus pandemic and COVID pandemic), caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), began with an disease outbreak, outbreak of COVID-19 in Wuhan, China, in December ...
expanded to Europe, reaching Spain in late January. In March, Calviño announced a 200-billion-euro package to fight the economic effects of coronavirus, which included loans and guarantees to self-employed and to small and medium-sized entreprises and large companies. Although Calviño initially opted for Eurobonds, due to the reluctance of some European countries, she adopted a more pragmatic position and she proposed to use the
European Stability Mechanism The European Stability Mechanism (ESM) is an intergovernmental organization located in Luxembourg City, which operates under public international law for all eurozone member states having ratified a special ESM intergovernmental treaty. It was ...
but without conditions, an option accepted by the
European Council The European Council (informally EUCO) is a collegiate body (directorial system) and a symbolic collective head of state, that defines the overall political direction and general priorities of the European Union (EU). It is composed of the he ...
which allowed the unlocking of €500 billion funds to the most affected European states. However, Calviño stated that neither she nor the government renounced Eurobonds and that they will continue to work on them in the medium term. In mid-April, Calviño proposed to its European counterparts a 1.5 trillion euro recovery fund, that would be financed through perpetual debt issued by the European institutions.


Eurogroup candidacy

In mid-June 2020, rumors increased about a possible candidacy of Calviño to be the next president of
Eurogroup The Eurogroup is the recognised collective term for the informal meetings of the finance ministers of the eurozone—those member states of the European Union (EU) which have adopted the euro as their official currency. The group has 20 members ...
. Spanish Prime Minister declared that Spain would be "very interested" on it. The
Spanish government The government of Spain () is the central government which leads the executive branch and the General State Administration of the Kingdom of Spain. The Government consists of the Prime Minister and the Ministers; the prime minister has the o ...
officially proposed Calviño on 25 June. Calviño quickly received the support of the majority of the opposition in the
Spanish Parliament The (; ) are the bicameral legislative chambers of Spain, consisting of the Congress of Deputies (the lower house) and the Senate (the upper house). The Congress of Deputies meets in the Palacio de las Cortes. The Senate meets in the Palac ...
. The first European government to show support to Calviño's candidature was the
German government The Federal Government (, ; abbr. BReg) is the chief executive body of the Federal Republic of Germany and exercises executive power at the federal level. It consists of the Federal Chancellor and the Federal Ministers. The fundamentals o ...
through its chancellor,
Angela Merkel Angela Dorothea Merkel (; ; born 17 July 1954) is a German retired politician who served as Chancellor of Germany from 2005 to 2021. She is the only woman to have held the office. She was Leader of the Opposition from 2002 to 2005 and Leade ...
, who stated that "It is no secret that there is support for Nadia Calviño's candidature in the German government." She also added that she was "pleased when women get leading political roles, and the Eurogroup has never been headed by a woman." On 28 June Portuguese PM
António Costa António Luís Santos da Costa (; born 17 July 1961) is a Portuguese lawyer and politician who has served as President of the European Council since 2024. He previously served as the 118th prime minister of Portugal from 2015 to 2024 and th ...
also supported Calviño. On 8 July Italian Prime Minister
Giuseppe Conte Giuseppe Conte (; born 8 August 1964) is an Italian jurist, academic, and politician who served as Prime Minister of Italy, prime minister of Italy from June 2018 to February 2021. He has been the president of the Five Star Movement (M5S) sin ...
publicly supported her. A day later, French finance minister
Bruno Le Maire Bruno Le Maire (; born 15 April 1969) is a French politician, writer, and former diplomat who served as Economy and Finance Minister from 2017 to 2024 under President Emmanuel Macron. A former member of The Republicans (LR), which he left in ...
did the same. Voting took place on 9 July. As no candidate obtained an absolute majority in the first round, Calviño and
Donohoe Donohoe or O'Donohoe is an Irish surname, reduced Anglicized form of ''Gaelic'' Ó Donnchadha ‘descendant of Donnchadh’, a personal name (sometimes Anglicized as Duncan in Scotland), composed of the elements ''donn'' = ‘brown-haired man’ ...
(with 9 and 5 votes, respectively) went to the second round after the withdrawal of Pierre Gramegna. In the second round Donohoe won the support of the majority of finance ministers, becoming Eurogroup president (10 votes to 9).


Bank consolidation

In early September 2020, state-controlled bank
Bankia Bankia () was a Spanish financial services company that was formed in December 2010, consolidating the operations of seven regional savings banks, and was partially nationalized by the government of Spain in May 2012 due to the near-collapse ...
and
Caixabank CaixaBank, S.A. (), formerly Criteria CaixaCorp, is a Spanish multinational financial services company. CaixaBank is based in Valencia, with operative offices in Barcelona and Madrid. It is Spain's third-largest lender by market value, after Ban ...
announced that they were very close to a deal to merge both banks. That merge would have created the biggest domestic bank in Spain, surpassing Santander and
BBVA Banco Bilbao Vizcaya Argentaria, S.A. (), better known by its initialism BBVA, is a Spanish multinational financial services company based in Bilbao, with operative offices in Madrid. It is one of the largest financial institutions in the world, ...
.
Unidas Podemos Unidas Podemos (), formerly called Unidos Podemos () and also known in English as United We Can, was a democratic socialist electoral alliance formed by Podemos, United Left, and other left-wing to far-left parties in May to contest the 2016 S ...
, the coalition partner of the
second Sánchez government The second (symbol: s) is a unit of time derived from the division of the day first into 24 hours, then to 60 minutes, and finally to 60 seconds each (24 × 60 × 60 = 86400). The current and formal definition in the International System of Un ...
and its leader, Second Deputy Prime Minister Pablo Iglesias rejected the merger describing it as a "privatization" and criticized that Calviño never revealed to them the existence of this talks. Calviño, whose signature was more than enough to authorize the merger, received the support of the prime minister,
Pedro Sánchez Pedro Sánchez Pérez-Castejón (; born 29 February 1972) is a Spanish politician who has served as Prime Minister of Spain since 2018. He has also been Secretary-General of the Spanish Socialist Workers' Party (PSOE) since July 2017, having p ...
, who described the merger as something "positive" for the
Spanish economy The economy of Spain is a highly developed social market economy. It is the world's 12th largest by nominal GDP and the sixth-largest in Europe (fifth excluding Russia). Spain is a member of the European Union and the eurozone, as well as the ...
and the "territorial cohesion" since the bank would extend its influence from two to four
Spanish regions The autonomous communities () are the first-level administrative divisions of Spain, created in accordance with the Spanish Constitution of 1978, with the aim of guaranteeing limited autonomy to the nationalities and regions that make up Spai ...
. Days later, Calviño described the banking consolidation as "probably inevitable" to keep the solvency and competitiveness of the banking sector in the future, but at the same time she warned that this type of operations should be carried out respecting
competition Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, indi ...
and the interests of consumers and that the CNMC would be watching. On 17 September 2020 the boards of both banks approved the merger. The new bank, which maintains the Caixabank brand, has the Spanish government as the second largest shareholder, with 16.1% of the shares. In December 2020, Calviño defended before the Congressional Economic Affairs Committee that the merger was the best option for the "social interest" since it is the one that contributes the greatest value to investors, including the State, one of the main shareholders. Apart from this merger, other mergers were negotiated that same year. On the one hand, BBVA and
Sabadell Sabadell () is a city and municipality in Catalonia, Spain. It is in the south of the ''comarca'' of Vallès Occidental, where it is one of the two capitals, the other being Terrassa. It is located on the River Ripoll, north of Barcelona, a ...
broke off negotiations in November 2020 due to the impossibility of reaching an agreement. On the other hand, other minor banks such as
Unicaja Unicaja is a Spanish savings bank based in Málaga and chartered as a caja de ahorros providing retail banking services. The banks full name is ''Monte de Piedad y Caja de Ahorros de Ronda, Cádiz, Almería, Málaga y Antequera'' after the ...
and
Liberbank Liberbank was a Spanish bank and financial services company that operated between 2011 and 2021 when it was acquired and merged with Spanish bank Unicaja. Prior to its merger, Liberbank had a national presence and was a leader in the retail marke ...
reached an agreement in December 2020 to create the fifth bank in the country. In March 2021, both banks approved the merger.


IMFC Chair

On 7 December 2021, Calviño was proposed by the Eurogroup as the European candidate for the Presidency of the International Monetary and Financial Committee (IMFC), a position compatible with her post as minister of the Spanish government. She was elected for the post on 24 December.


President of the European Investment Bank

In August 2023, the
Spanish government The government of Spain () is the central government which leads the executive branch and the General State Administration of the Kingdom of Spain. The Government consists of the Prime Minister and the Ministers; the prime minister has the o ...
nominated Calviño as Spain's candidate to succeed
Werner Hoyer Werner Hoyer (born 17 November 1951) is a German economist and politician of the Free Democratic Party (FDP) who served as President of the European Investment Bank (EIB) between 2012 and 2023. Education and early career Hoyer graduated as an e ...
as president of the
European Investment Bank The European Investment Bank (EIB) is the European Union's investment bank and is owned by the 27 member states. It is the largest multilateral financial institution in the world. The EIB finances and invests both through equity and debt sol ...
.Paola Tamma (11 August 2023)
Spain nominates Nadia Calviño to run European Investment Bank
''
Politico Europe ''Politico Europe'' (stylized as ''POLITICO Europe'') is the European edition of the American news organization '' Politico'' reporting on political affairs of the European Union. Its headquarters are located in Brussels with additional offices in ...
''.
After gathering relevant and public support from the German —one of the biggest shareholders— and Belgian —chair of the EIB’s Board of Governors at the moment— governments, the
Economic and Financial Affairs Council The Economic and Financial Affairs Council (ECOFIN) is one of the oldest configurations of the Council of the European Union and is composed of the economics and finance ministers of the 27 European Union member states, as well as Budget Ministe ...
agreed to her presidency in early December 2023. In March 2024, the Prime Minister of Finland,
Petteri Orpo Antti Petteri Orpo (; born 3 November 1969) is a Finland, Finnish politician currently serving as the prime minister of Finland since 2023 and as the leader of the National Coalition Party since 2016. He briefly served as speaker of the Parliame ...
, led 13 other nations-Bulgaria, Denmark, Estonia, France, Germany, Italy, Latvia, Lithuania, the Netherlands, Poland, the Czech Republic, Romania, and Sweden-in penning a letter to Calviño,
Charles Michel Charles Michel (; born 21 December 1975) is a Belgian politician who served as the president of the European Council from 2019 to 2024. He previously served as the Prime Minister of Belgium, prime minister of Belgium between 2014 and 2019. Miche ...
and
Alexander de Croo Alexander De Croo (; born 3 November 1975) is a Belgian politician and businessman who served as Prime Minister of Belgium from 2020 to 2025. Previously from 2012 to 2020, De Croo served as deputy prime minister in the governments of Elio Di Rup ...
, in which they called for an urgent re-evaluation of EIB policy on defense-related investments in light of the 400-day old
Russian invasion of Ukraine On 24 February 2022, , starting the largest and deadliest war in Europe since World War II, in a major escalation of the Russo-Ukrainian War, conflict between the two countries which began in 2014. The fighting has caused hundreds of thou ...
. Specifically they mentioned "the list of excluded activities.. and other restrictive elements.. A credible defence industry in turn requires investments." In January 2025, Calviño announced that the EIB would sponsor 2 billion euros of defence-related loans in 2025. Nevertheless, a few days later Orpo led again a new petition signed this time by 19 countries demanding "to go a step further so that the EIB can provide financing to projects exclusively intended for defense." The 19 heads of government once more cried out for a change to the list of activities excluded from EIB financing, in order for the EIB to accept funding proposals for military applications.


Other activities


European Union organizations

*
European Investment Bank The European Investment Bank (EIB) is the European Union's investment bank and is owned by the 27 member states. It is the largest multilateral financial institution in the world. The EIB finances and invests both through equity and debt sol ...
(EIB), Ex-Officio Member of the Board of Governors (2018–2023) *
European Stability Mechanism The European Stability Mechanism (ESM) is an intergovernmental organization located in Luxembourg City, which operates under public international law for all eurozone member states having ratified a special ESM intergovernmental treaty. It was ...
(ESM), Member of the Board of Governors (2018–2023)


International organizations

*
Asian Infrastructure Investment Bank The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank and international financial institution that aims to collectively improve economic and social outcomes in Asia. It is the world's second largest multi-lateral d ...
(AIIB), Ex-Officio Member of the Board of Governors (2018–2023) *
Central American Bank for Economic Integration The Central American Bank for Economic Integration - CABEI ( BCIE in Spanish) was founded in 1960. It is an international multilateral development financial institution. Its resources are invested in projects that foster development to reduce pov ...
(CABEI), Ex-Officio Member of the Board of Governors (2018–2023) *
European Bank for Reconstruction and Development The European Bank for Reconstruction and Development, shortened to EBRD ( French: ''Banque européenne pour la reconstruction et le développement'' or ''BERD''), is an international financial institution founded in 1991 in Paris. As a multilat ...
(EBRD), Ex-Officio Member of the Board of Governors (2018–2023) * Inter-American Investment Corporation (IIC), Ex-Officio Member of the Board of Governors (2018–2023) *
International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...
(IMF), Ex-Officio Member of the Board of Governors (2018–2023) * Joint World Bank-IMF Development Committee, Member *
Multilateral Investment Guarantee Agency The Multilateral Investment Guarantee Agency (MIGA) is an international financial institution which offers political risk insurance and credit enhancement guarantees. These guarantees help investors protect foreign direct investments against ...
(MIGA),
World Bank Group The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and best-known development bank in the world and an observer at the United Nations Development Group ...
, Ex-Officio Member of the Board of Governors (2018–2023) *
World Bank The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development ...
, Ex-Officio Member of the Board of Governors (2018–2023)


Non-governmental organizations

* Elcano Royal Institute for International and Strategic Studies, Member of the Board of Trustees


Personal life

Calviño is mother to four children. Among her hobbies are 1950s cinema and cooking. She speaks
Spanish Spanish might refer to: * Items from or related to Spain: **Spaniards are a nation and ethnic group indigenous to Spain **Spanish language, spoken in Spain and many countries in the Americas **Spanish cuisine **Spanish history **Spanish culture ...
, Galician,
English English usually refers to: * English language * English people English may also refer to: Culture, language and peoples * ''English'', an adjective for something of, from, or related to England * ''English'', an Amish ter ...
,
French French may refer to: * Something of, from, or related to France ** French language, which originated in France ** French people, a nation and ethnic group ** French cuisine, cooking traditions and practices Arts and media * The French (band), ...
and
German German(s) may refer to: * Germany, the country of the Germans and German things **Germania (Roman era) * Germans, citizens of Germany, people of German ancestry, or native speakers of the German language ** For citizenship in Germany, see also Ge ...
.


See also

* List of Complutense University of Madrid alumni


Notes


References


External links


Biography by CIDOB
(in Spanish) , - {{DEFAULTSORT:Calvino, Nadia 1968 births 21st-century Spanish politicians 21st-century Spanish women politicians Complutense University of Madrid alumni Deputy prime ministers of Spain Politicians from Galicia (Spain) Government ministers of Spain Living people People from A Coruña 21st-century Spanish economists Economy and finance ministers of Spain Spanish women economists Women government ministers of Spain Academic staff of the Complutense University of Madrid