European social bank has key backing, says Euclid

Network for third sector leaders claims political support

A Europe-wide social investment banking project is more likely to go ahead after receiving backing from key political and third sector leaders, according to Euclid, the network for European third sector leaders.

Earlier this year, Euclid launched a feasibility study into a Europe-wide social investment bank based on a model similar to the proposed social investment wholesale bank on which the UK government recently held a consultation.

The idea of a European bank that would provide wholesale finance to other social finance institutions has since received political support, said Filippo Addarii, director of Euclid.

"We've had support from MEPs and from inside the branch of European government that handles social economy," he said.

The design of the bank would be discussed further at a conference in Spain in May next year, he said.

"The big question we must answer is whether there will be one social investment bank or several," Addarii said. "We don't know if there should be one bank for the whole of the EU, or whether each country should have its own branch.

"This will definitely happen, but building it will be a slow process."


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