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EBRD: Camdessus explains multilaterals merger plan

A proposed merger of the EIB and EBRD has received the endorsement of Michel Camdessus, the former managing director of the IMF, and an advisory EU committee he headed. He speaks exclusively to Nick Lord.

Michel Camdessus, the former managing director of the IMF

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.

Do you think your proposal for the merging of the EIB and EBRD into a new European Bank for Cooperation and Development will actually be implemented?

Michel Camdessus, the former managing director of the IMF

Yes, of course. I know that there are differences among the staff and bureaucrats in both organizations and they would be opposed to it.

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