Ricardo Mourinho Félix is the new Vice-President and Member of the Management Committee of the European Investment Bank (EIB). He takes up his duties on 16^th October, succeeding Emma Navarro, whose mandate ends today.

The EIB’s Board of Governors appointed Mr. Félix, a Portuguese citizen, on a proposal from the Minister of Finance of Portugal and with the agreement of the shareholder constituency formed by Spain and Portugal.

Upon joining the EIB, Mr. Félix stated: “I am extremely motivated and honoured to join the EIB, the lending arm of the European Union and the world largest multilateral provider of finance for climate action. There is no better time to be part of such a key organisation, whose core mission is to support the European economy, create jobs, promote inclusive and sustainable growth and foster equality to continue improving the lives of our citizens. The EIB is at the forefront in addressing all the major challenges we are facing. These range from fostering a green transition and the implementation of the European Green Deal to helping viable companies affected by the COVID19-pandemics; from investing in digitalisation and innovation to ensuring access to public infrastructures and services. All of these are major issues to be tackled right now and the EIB is best placed to play a pivotal role in providing the funding for investments and the expertise needed to succeed. This is a time for action, in close coordination among all European institutions. This is the time for Europe.”

Prior to his appointment as EIB Vice-President, Mr. Félix held various high-ranking positions in the public sector in Portugal. He was Deputy Minister of Finance and Secretary State for Finance of Portugal between 2017 and 2020 and Deputy Minister of Finance and Secretary State for the Treasury and Finance between 2015 and 2017. Before joining the Portuguese Government, he worked as Head of Division of the Portuguese Economy Analysis at Banco de Portugal.

Born in Setúbal, in the south of the country, in 1974, Mr. Félix obtained a Master’s degree in Economics from NOVA School of Business and Economics of Universidade Nova de Lisboa and a degree in Economics from the ISEG Lisbon School of Economics and Management from the Universidade de Lisboa.

The Management Committee is the EIB’s permanent collegiate executive body, consisting of a President and eight Vice-Presidents. The members of the Management Committee are appointed by the Board of Governors – the economy and finance ministers of the 27 EU Member States.

Under the authority of Werner Hoyer, President of the EIB, the Management Committee collectively oversees the day-to-day running of the EIB as well as preparing and ensuring the implementation of the Board of Directors’ decisions, notably regarding borrowing and lending operations.

In their vote on Thursday on economic policies needed in the euro area to tackle the crisis created by the pandemic, MEPs from the Economic and Monetary Affairs Committee stressed that EU countries’ economies are strongly interconnected. An incomplete recovery in one country would therefore spill over to all the other countries and dampen economic growth everywhere.

Targeted spending decisions

MEPs also said that the governments’ spending decisions following the COVID-19 crisis should focus on putting more funds into reversing climate change and boosting digitalisation. These measures should also foster social, economic and environmental resilience and include investments, especially in SMEs. At the same time, MEPs suggest that the Commission should explore how to better finance the Just Transition Fund, designed to alleviate the socio-economic effects of the transition to a climate-neutral economy.

Deficit, debt and own resources

The Economic and Monetary Affairs Committee is concerned about the negative and uneven impact of the COVID-19 crisis on government deficit and public debt in the EU. MEPs agreed that issuing European Commission bonds helps member states cover the costs related to measures taken in response to the pandemic.

Furthermore, the committee calls on EU leaders and the Commission to take a bold decision and urgently put in place new own resources, at least as of 2021. This would not only boost the recovery but also allow loans to be repaid under the Next Generation EU, during the next long-term budget.

Efficient use and protection of state funds

The committee demands that those receiving state aid, EU funds or other public money due to the COVID-19 crisis, must sustain jobs, pay their fair share of taxes, commit to sustainability objectives and refrain from paying out dividends. MEPs recalled that tax evasion and tax avoidance at EU level amount to up to EUR 160-190 billion each year, constituting missing revenues. They stressed that it is vital to fight tax fraud, tax evasion, tax avoidance and money laundering, at both national and EU levels.

Finally, MEPs pointed out that linking the Recovery and Resilience Facility to the European Semester process in order to monitor the progress made in implementing investments and reforms could help EU countries with their recovery.

The resolution was approved by 29 votes to 11, with 11 abstentions. It is scheduled for a plenary vote during the next plenary session, 19-23 October.

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Trust in the European Union was significantly higher among respondents in the July wave of Eurofound’s Living, working and COVID-19 survey than in April, with average trust in the EU exceeding trust in national governments. This reflects positively on the work of the European institutions during the summer in addressing the COVID-19 pandemic, as very low levels of trust in the EU during the early stages of the pandemic raised fundamental questions about perceived EU action and broader European solidarity during the crisis.

Eurofound’s unique Living, working and COVID-19 research looks in detail at the experiences of citizens in both April, when much of Europe was under heavy restriction, and July, when restrictions had been somewhat eased. The full report details the social, economic, labour market, and quality of life findings of a total of 87,477 respondents across the EU. It shows that while trust in the media, police and healthcare system remained largely stable over the summer, there was a marked decline in government trust in some Member States, and relatively large growth in trust in the EU. This growth in trust is particularly noteworthy considering the consistent decline in EU trust in the aftermath of the financial crisis and onset of the Great Recession.

Trust in the EU, measured out of 10, was highest in Ireland (6.3), Poland (6.2), and Lithuania (5.9) in July, it was lowest in Greece (4.2), Croatia (4.2) and Czechia (4.3). Overall, trust increased from 4.6 in April to 5.1 in July, with significant increases recorded in 13 Member States – most notably Italy (from 4.1 to 5.2) and Spain (from 4 to 5.1). While increases in trust were recorded in southern Europe, a decline in EU trust was noted in Finland (from 6.5 to 5.5), Denmark (from 5.7 to 4.9), the Netherlands (from 4.9 to 4.4) and Sweden (from 5.2 to 4.8). This suggests different national perceptions of changes to European economic and monetary policies to deal with the pandemic during the period.

Trust in national governments was highest in Luxembourg (6.8), Finland (6.5) and Denmark (6.4), and lowest in Poland (2.4), Croatia, Bulgaria and Hungary (2.9 respectively). There were notable increases in trust in the national government in Spain (+0.5), France (+0.4) and Luxembourg (+0.3), but significant decreases in Malta (-1.5), Croatia (-1.2), Finland (-1.1) and Austria (-1.1). The report notes that trust in both the national government and EU was higher among respondents that received support from public services to help with living expenses or household needs.

Speaking about the findings, Massimiliano Mascherini, Eurofound Head of Unit for Social Policies, said ‘Maintaining and improving levels of trust is of vital importance during this pandemic, as trust is a keystone of the compliance needed to control COVID-19. The importance of the improving EU trust that this research demonstrates should not be understated, it sends a clear message that most people in Europe were in favour of coordinated, comprehensive action based on solidarity and common European values.’

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FRA rose awareness of the possible fundamental rights risks that can emerge if safeguards are not duly implemented. FRA also highlighted the Entry-Exit system Regulation’s provisions with respect to data subjects’ rights. These include their rights to information, access, rectify and erase personal data. The European Border and Coast Guard Agency, Frontex, organised the training. The system – a large scale IT database – will start operating in 2022. It will register and process the personal data of non-EU nationals travelling to the EU for a short stay (either visa holder or visa exempt travellers).