Italy and the EIB: Influence and Institutional Trajectories from Inception to the First EEC Enlargement

This article delves into the interplay between Italy and the European Investment Bank (EIB) during its formative years, particularly highlighting Italy’s role in shaping the EIB’s trajectory. Previous research has explored Italy’s utilization of EIB resources to boost the development of its southern territories. However, a comprehensive examination of Italy’s influence on the EIB’s formation and evolution has been notably absent. Italy’s unwavering advocacy for the creation of a European Economic Community (EEC) bank, focused on funding projects in underdeveloped regions, was instrumental in the EIB’s inception. This foundation inadvertently gave Italy significant leverage over the EIB’s lending policies. During its nascent phase, the EIB’s primary focus was addressing developmental challenges in Southern Italy, leading to a somewhat subdued enactment of its designated role as per the Treaty of Rome. Contrary to the Treaty’s intent of the EIB being a policy implementer, the Bank, during this period, largely echoed the policy inclinations of the Italian government. The absence of an EEC-wide regional policy and the prominent role of Italian officials within the EIB further substantiated this orientation. This study seeks to elucidate the relationship between Italy and the EIB and its ramifications on the bank’s institutional and operational dynamics up to the first EEC enlargement.