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EU industry and monetary policy - The role of the EIB

Rue Belliard 99, Brussels, Meeting Room JDE 63, Belgium

The European Economic and Social Committee has started on an exploratory project, whose main objective is to analyze new ways to improve the efficiency of European monetary policy in its impact on industry and real economy, mainly through the collaboration between the European Central Bank and the European Investment Bank.

The main purpose of this project is to collect, elaborate and disseminate information on the legal, technical and economic feasibility of different mechanisms of exchanges of views and cooperation between the Eurosystem and the European Investment Bank (and National Promotional banks and agencies).

The main hypothesis and goals of the Project will keep evolving as the Project goes on, according to the positions of the European stakeholders, EU institutions, technical issues.


In theory, there may be different ways to make monetary expansion more focused in real and productive economy.

From the point of view of the Project, the collaboration between the European Central Bank and the European Investment Bank may be a practical, realistic and feasible way of achieving this goal in an efficient way


This involvement of the EIB should further four basic objectives:

a) making the transmission mechanism of monetary policy more efficient in terms of its direct connection with the real economy;

b) establishing a more direct relationship between monetary policy, money supply and price stability;

c) establishing a more direct relationship between money supply expansion and increasing productive capacity;

d) providing more resources for policies to promote investment in the eurozone


More than 70 experts in different member states have been contacted. The Project is also being checked with the ECB, the EIB and with main EU stakeholders and institutions and the draft documents are being widely disseminated through Internet.

Additional dissemination efforts will be the Round Table to be held in Brussels in November 12th and 3 local events in different European regions.