Caisse des Dépôts (CDC), Cassa depositi e prestiti (CDP) and Kreditanstalt für Wiederaufbau (KfW) strengthen their joint position at the service of the Economic and Monetary Union (EMU)

Rome, 24 July 2017

The representatives of CDC, CDP and KfW sent a joint letter to the Ministers of Economy and Finances of Germany, France and Italy – Wolfgang Schäuble, Bruno Le Maire and Pier Carlo Padoan – to express their support for the 3 Ministers’ initiative to set up a joint position of Italy, Germany and France on the priorities of the Economic and Monetary Union (EMU).

The three National Promotional Banks and Institutions (NPBIs) of Italy, Germany and France, affirm their common commitment and readiness to give their contribution as long-term investors to the debate on the future of Europe launched by the European Commission, which aims at building a shared vision on EMU’s future design.

Making this commitment, they wish that the model of cooperation between european and national institutions be strengthened into a genuine strategic partnership for the benefit of Europe as a whole.

As Europe is facing unprecedented challenges in recent history, regarding social, economic and political policy, these institutions represent a vital and strategic asset as long-term investors to tackle such challenges.

Considering their experience, their profound knowledge in local contexts and the specificities of each of them (resources, financial instruments and sectors of intervention), they intend to make a “bridge” between the European policy goals and local needs. They have already proved their efficiency through the implementation of the Juncker Plan and the Marguerite Fund. Their support has been essential in raising funds and has significantly contributed to enhancing the impact on investment, growth and employment of the Juncker Plan.

As National Promotional Institutions (NPIs) of three founding countries of the European integration project, the objective is to put forward efficient tools and strategies on a Europeanscale towards social and sustainable infrastructure, innovation, climate change, circular economy and SMEs.

In order to strengthen the ability to coordinate further their work, CDC, KFW and CDP recently opened a common office in Brussels. This symbolic step proves the true willingness of these three actors to engage in the construction of the EMU.