The Ecofin summit was described as a historic turning point for Europe and Latin America, a sentiment echoed by officials who spoke during informal talks. The event gathered finance ministers from sixty economies, representing about 14% of the world’s population and 21% of global GDP. The conversations highlighted a shared commitment to multilateralism and a path forward that unites Europe, Latin America, and the Caribbean in pursuing joint economic priorities.
This consensus emerged again in the press conference following a high‑level dialogue between the Latin American and Caribbean Development Bank (CAF) and the Inter-American Development Bank (IDB), alongside European, Latin American, and Caribbean ministers. The participants called the gathering “unprecedented” and emphasized unity in advancing a collaborative agenda that strengthens multilateral frameworks.
The core agenda aligns with the European Union’s Global Gateway strategy. The EU plans to invest 45 billion euros from now through 2027 in projects across three pillars: green growth, digital transformation, and social development to reduce inequalities. This approach mirrors the resilience shown in Europe during recent crises and lays a groundwork for similar initiatives across the Latin America and Caribbean region.
There is a view that European exports to the region and related resilience programs are gaining momentum after the Covid‑19 pandemic, underscoring the interdependence between continents and the ongoing need for cooperative responses to global shocks.
deep gratitude
At yesterday’s morning session, Sergio Diaz‑Granados, president of CAF, and Camillo Gonçalves, the interim president of CELAC and Saint Vincent and the Grenadines’ minister of finance, underscored the importance of advancing projects discussed in Santiago de Compostela. The partners stressed the need to move from commitments to concrete outcomes within the framework of the strategy announced at the July summit.
Officials noted that around 170 projects are envisioned to span the 33 nations in the region. Some proposals, such as Bogotá’s Metro Line 2, have moved to advanced development stages and attracted private sector attention.
Calviño remarked, “We discussed real projects and demonstrated governance commitment to ensure they are delivered.” She likened the venue to laying the first stone of a chapel whose future will grow into a cathedral supporting sustainable growth and a better world for future generations.
In remarks earlier, Ilan Goldfjan of the IDB and other participants acknowledged the Spanish presidency’s sustained engagement and the long‑term ambition it signals for EU‑LA collaboration. The work in July’s meeting has been given practical content through these ongoing efforts.
Strengthening the global financial network
The discussions then moved to fortifying the global financial system. The dialogue addressed how the Covid‑19 crisis and current inflationary pressures—exacerbated by geopolitical events—have shaped regional needs. CELAC members argued for a robust framework to withstand future shocks, with a focus on climate resilience and sustainable development. The topic is expected to be on the agenda at the United Nations General Assembly next week.
A geopolitical reading
The EU‑CELAC accords carry a geopolitical signal that emphasizes diversification and resilience against rising influence from other global powers. The Global Gateway initiative sits alongside broader strategic moves, including recent G‑20 discussions in New Delhi. The EU and the United States have signs of renewed investment in cross‑border transport, energy, and digital infrastructure that connect Europe with Asia, the Middle East, and India, expanding collaborative networks beyond traditional partners.