The European Investment Bank after the Treaty of Lisbon

This article examines the main changes introduced by the Treaty of Lisbon to the Statute of the European Investment Bank (EIB) and its position in the EU institutional framework. It is argued that, contrary to appearances, the Lisbon Treaty has altered the legal nature of the EIB through two different but complementary sets of rules: first, rules that provide for an increased involvement of the board of governors, i.e. the representatives of the Member States, in the running of the financial activity of the Bank; secondly, rules that have expanded the scope of the tasks that the Bank may perform in the interest of the Union. Together these new rules, while providing for a wider scope of action for the Bank, have at the same time increased the commercial risks that Member States assume as shareholders of the EIB. Finally, the new provisions on the Court of Justice's jurisdiction over acts adopted by EU bodies become also, implicitly, applicable to EIB acts.