In another example of the tradition for European politicians to ‘fail upwards,’ Austria’s former chancellor Karl Nehammer could have a new job at the head of the European Investment Bank (EIB), the EU’s lending arm and one of the world’s largest financial institutions. The EIB oversees million-euro EU investments in fields like climate protection, digitalization, infrastructure, and—not least important in the current geopolitical climate—defense.
The EIB’s Board of Directors is composed of nine members—including the President and eight Vice Presidents, all of whom share responsibility for the bank’s strategic direction—and is appointed by EU member states per EU rules. As Austria’s turn has come around, it was up to Finance Minister Markus Marterbauer (SPÖ) to come up with a suitable nominee.
It’s not a nomination without its critics though. Christian Hafnecker, secretary general of the right-wing Freedom Party (FPÖ) called it “job trading in the former grand coalition style” and told broadcaster ORF:
Nehammer’s chancellorship was marked by record debts, which the country will have to contend with for decades—and now, the person who was entirely responsible for this is supposed to become a top-level banker.
A VP of the EIB is compensated on the same level as EU Commission VPs—currently €31,536 monthly, OE24 writes. This would be a step up from the paycheck Austria’s federal chancellor gets—€23,840 per month.
If Nehammer’s nomination is approved in the formal EIB confirmation process, he will take office in September.
