Escalating conflict in the Middle East necessitates Europe reinforcing its strategic autonomy across energy and defense sectors, European Investment Bank (EIB) President Nadia Calviño stated. "These tensions are obviously not conducive to a framework of stability, peace and investment," she told Euronews. "The current escalation makes it more urgent than ever for Europe to reinforce its autonomy."
The EIB, a key financier for defense projects, is facing pressure to expand its role, though it is currently restricted from direct investment in weapons. It can, however, fund "dual use" equipment. The war's impact is felt globally, rattling energy markets. European benchmark gas prices surged 80% in two days, with Brent crude nearing $84 a barrel.
Energy insecurity has been a major challenge for Europe since 2022, prompting diversification of suppliers. Calviño acknowledged that while European companies have demonstrated resilience and adaptability, the shift has impacted competitiveness compared to regions with cheaper energy.
Addressing a diplomatic dispute involving the US and Spain, Calviño emphasized the importance of international law and a unified European voice in trade matters. "The European Union is a force for good and win-win partnerships. I am sure we will continue to try to de-escalate," she said.