ESM and EIB Sign Memorandum of Understanding to Strengthen Partnership and Economic Resilience

ESM and EIB Sign Memorandum of Understanding to Strengthen Partnership and Economic Resilience

(IN BRIEF) The European Stability Mechanism (ESM) and the European Investment Bank (EIB) have signed a Memorandum of Understanding to deepen their collaboration. The MoU outlines areas for future cooperation, including strategic dialogue, joint events, and staff exchanges. This agreement strengthens the longstanding partnership between the two institutions, which dates back to 2010, and aims to support Europe’s economic resilience and growth.

(PRESS RELEASE) LUXEMBOURG, 25-Jan-2025 — /EuropaWire/ — The European Stability Mechanism (ESM) and the European Investment Bank (EIB) have formalized their long-standing collaboration with the signing of a Memorandum of Understanding (MoU) today. The agreement is designed to further solidify and enhance their bilateral partnership, aiming to expand and refine their joint efforts in key areas of mutual interest.

Pierre Gramegna, Managing Director of the ESM, expressed his optimism about the new phase of cooperation: “This MoU marks an important milestone in our ongoing relationship. It builds on the foundation laid in 2010 when the EIB was instrumental in supporting the setup of our operations during the early days of the European Financial Stability Facility (EFSF). As institutions based in Luxembourg, we are ideally positioned to deepen our cooperation and jointly contribute to strengthening Europe’s economic resilience and fostering growth.”

Nadia Calviño, President of the EIB Group, also welcomed the strengthened partnership, noting, “The EIB and ESM play critical roles in supporting Europe’s economic stability and future prosperity. Together, they hold a unique position in global capital markets, amplifying the collective strength of the European Union. We are excited to formalize our longstanding collaboration with this new MoU.”

The MoU outlines three key areas of collaboration: i) fostering strategic and operational dialogue and cooperation, including the exchange of information and best practices; ii) organizing joint events to share insights and discuss shared goals; and iii) facilitating staff exchanges to enhance mutual understanding and expertise.

This new agreement builds on the successful partnership between the ESM (and its predecessor, the EFSF) and the EIB, which was initially formalized through a Service Level Agreement in 2010 and further solidified with a Cooperation Agreement in 2013. The MoU will be in effect for an initial period of five years, with the possibility of renewal.

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SOURCE: European Investment Bank