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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.
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