Don’t say it too loudly, but some things work in Europe. At the end of January, the European Investment Bank (EIB) announced its results, met with near-total indifference. Yet, the institution deserves recognition. Created in 1958 but languishing until the global financial crisis of 2008, it became the world’s second-largest multilateral development bank, just behind the World Bank, in less than two decades. In 2025, it provided €100 billion in financing, including €13 billion in France. That is four to five times more than similar institutions, such as the European Bank for Reconstruction and Development, the Asian Development Bank, etc.

Even better, these loans cost the 27 member states little or nothing. The European Investment Bank, backed by member states, enjoys an AAA rating, which allows it to borrow funds at low cost. It thus lends at highly competitive interest rates, remains profitable and generates profits to continue its activities.

This is how, in France in 2025, projects for renewable electricity, an electric interconnection linking Spain and France, and – to reduce dependence on Russia – the expansion of uranium enrichment capacity at the company Orano were funded. Perhaps not enough to revolutionize the European economy, but each was a concrete step forward in line with strategic priorities, starting with the green transition.

This institution is a telling example because it illustrates a point that should be obvious, but is often forgotten: what works in Europe comes from what has been shared. Failures, on the other hand, stem from divisions. Real federal advances, where states have ceded some sovereignty, have often been successes.

The credibility of the European Central Bank

The euro is the clearest example. The single currency, now shared by 21 countries, has become a strong economic shield. Can we imagine how French deficits might have spiraled if the franc had been kept? The crisis has been severe. France is now the country borrowing at the highest interest rates among users of the single currency (tied with Greece and Italy). Its saving grace is that the gap is extremely limited: Between the lowest borrowing rate (Germany, at 2.75%) and the highest (France, at 3.34%), the difference is just 0.6 percentage points. This is thanks to the credibility of the European Central Bank (ECB), now seen as an impregnable bulwark.

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