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You're listening to EU Watchdog Radio.

Thanks for listening to EU Watchdog Radio.

My name is Hans Van Schare, media officer at Corporate Europe Observatory.

And in this new episode, we'll be talking about two giants that play a huge

role in the financial sector. One being the largest public investment bank in the world,

the European Investment Bank, or EIB, which is basically the financial arm of the European Union.

EIB will play an important role in the economic recovery plans of the European Union

by pumping an extra 200 billion euro in the economy.

And, on the longer term, the EIB has the ambition to become the European Climate Bank.

But according to new reports, the EIB is not up to the task of tackling fraud and corruption,

and for example European legal rules on anti-money laundering do not apply for the EIB.

The existing checks and balances are not solid enough to be sure that the billions and billions that pass via the EIB end up in the right hands, and let alone

that those funds will be used for a sustainable reorientation of the EU.

Then we will talk about BlackRock, one of the most powerful financial companies in the

world which manages over $6 trillion in assets, and known to be a key investor in fossil fuels

Black Rock sometimes called the company that owns the world recently received a contract

from the European Commission to provide paid advice on the integration of social and environmental

objectives into the European

banking regulation. This is not a good match. Given the prominent role expected from private

finance in the European Green Deal, we seem to be off to a bad start. A common red line

in these two stories is that it seems we need much more

...