Name: 歐洲企業如何應對關稅衝擊？DW新聞 (European firms have adjusted to the tariff shock | DW News)
Uploaded: 2026-01-23T17:42:39.000Z
Duration: 20 min 5 s

情態副詞

European companies have adjusted quite well to the tariff shock, actually better than US companies.

歐洲公司其實已經比美國公司更能適應關稅衝擊了。

Large investments, large infrastructures, research, new technologies, cybersecurity, nurturing the venture capital ecosystem.

大型投資、大型基礎設施、研究、新技術、網路安全，還有培育創投生態系統。

程度副詞

It's very important that Ukraine continues with these reforms that will bring it closer to the eu.

烏克蘭持續推動這些改革，讓他們更接近歐盟，這非常重要。

Nadia Calvino, the European Investment Bank President, thank you very much for joining me.

歐洲投資銀行總裁 Nadia Calvino，非常感謝您加入我的節目。

The global economy is at a sensitive point right now.

全球經濟目前正處於一個敏感的時刻。

Not just the tariffs over Greenland, at least the threat of them, but

不只是格陵蘭的關稅，至少是潛在的關稅威脅，

unrest in Iran and there's still no end in sight to the war in Ukraine.

還有伊朗的動盪，以及烏克蘭戰爭仍未見到盡頭。

All that translates into tighter fiscal space, credit risk, rates, risk as well.

這一切都導致財政空間緊縮、信用風險、利率，以及整體風險。

Is this the right time for Europe to be taking on more economic risk?

現在是歐洲承擔更多經濟風險的時機嗎？

Well, I don't think that we're taking more economic risk.

嗯，我認為我們並沒有承擔更多經濟風險。

By ensuring that we grow, that we are reinforce and step up our security and defence capabilities, that we support Ukraine, that is actually preserving our security, our peace and economic prosperity going forward.

確保我們成長，強化並提升我們的安全與國防能力，支持烏克蘭，這實際上是在維護我們的安全、和平以及未來的經濟繁榮。

現在我們的團結就是我們力量的來源。

And if we are united, we are unstoppable.

只要我們團結一心，我們就無可阻擋。

We've gone through crisis throughout history and we have always succeeded.

我們經歷過歷史上的無數危機，而且總是成功克服。

When we kept our unity, we were determined and we acted on the basis of solidarity.

當我們保持團結時，我們就會堅定決心，並基於團結互助的精神採取行動。

I think this is the right approach and I hope that, that that will continue to be our approach also in the European Council this Thursday.

我認為這是正確的做法，也希望這將是我們週四在歐洲理事會上繼續採取的做法。

But it sounds like what you're saying is that it's worth it to borrow in these uncertain times in order to invest in the types of projects that you've talked about, that you will talk about.

但聽起來您的意思是，在這些不確定的時期，為了投資您所談論或將要談論的那些項目而借貸是值得的。

那麼，誰應該承擔這項風險呢？

And do you need fresh guarantees in order to be able to carry out your work in these uncertain times?

那麼，在這些不確定的時期，您需要新的擔保來完成您的工作嗎？

Well, no, in the current situation, the European Investment bank is in a very solid position.

嗯，不需要，目前歐洲投資銀行的處境非常穩固。

We have a very strong 45% core tier one capital.

我們有非常強勁的 45% 核心第一類資本。

We have, as I said a moment ago, a triple A.

如我剛才所說，我們是 AAA 級。

We see financial markets that are actually looking to buy our bonds.

我們看到金融市場實際上正在尋求購買我們的債券。

We have a very strong standing in financial markets.

我們在金融市場上有非常穩固的地位。

We have a very strong portfolio and very strong also risk management mechanisms.

我們有非常強勁的投資組合，風險管理機制也非常強勁。

So actually we're one of the few multilateral institutions that right now can continue to play an important and role in the world without calling on our shareholders to increase our capital.

是以，實際上我們是少數幾個目前能夠在世界上繼續扮演重要角色的多邊機構之一，而無需要求我們的股東增加我們的資本。

And that puts us in a quite unique position.

這讓我們處於一個相當獨特的地位。

That and having the 27 European member states as our shareholders, neither more nor less.

還有就是擁有 27 個歐洲成員國作為我們的股東，不多也不少。

Okay, and you're lifting defence related spending to 4.5 billion.

好的，你們將國防相關支出提高到 45 億歐元。

What exactly counts as defence in your book and what's still off limits?

在你們的定義裡，什麼才算是國防，什麼仍然是禁止的？

For the past two years, there's been a sea Change in terms, a step change really in terms of the I activities of the European Investment Bank Group in the area of security and defence.

過去兩年，歐洲投資銀行集團在安全與國防方面的活動， terms 發生了翻天覆地的變化，可說是發生了質的飛躍。

We extended the scope of projects that can be financed so that we are actually doing pure military projects.

我們擴大了可融資專案的範圍，所以我們實際上在做純軍事專案。

And we also removed the absolute caps that existed in the past so that every year we can determine what are our financing targets.

而且我們也取消了過去的絕對上限，這樣我們每年都可以決定我們的融資目標。

And actually in 2025 I can give you a heads up of the results we will be announcing next week.

而且實際上，在 2025 年，我可以預告一下，我們下週就會公佈結果。

So we already Provided More than 4 billion euros in finance for security and defence projects in 2025.

所以我們在 2025 年已經為安全與國防專案提供了超過 40 億歐元的融資。

And that's close to 5% of our total financing inside the European Union.

這差不多佔我們在歐盟總融資的 5%。

我們 2026 年的目標是 45 億歐元。

I'm quite confident we will also outperform it.

我非常有信心我們也會超越這個目標。

And we are talking about projects that range from military mobility, key military infrastructures, for example, a military campus in Lithuania that will host a Bundeswehr brigade actually, and

而且我們談論的專案，從軍事移動、關鍵軍事基礎設施，例如立陶宛一個將會駐紮德國聯邦國防軍旅的軍事營區，

a new campus also in the west of Lithuania, to enhancements of ports throughout the eu.

還有立陶宛西部的全新營區，到整個歐盟各港口的升級。

We're also talking about industrial capacity, for example quantum systems, a drone manufacturing.

我們也在談論產業產能，像是量子系統、無人機製造。

In Germany we are financing also support to SMEs in the supply chain.

在德國，我們也資助了供應鏈中小企業的支援。

We have an agreement with Deutsche bank to provide liquidity to small and medium sized enterprises in Europe.

我們跟德國銀行達成協議，為歐洲的中小型企業提供流動性。

Research and development, very important deals with Thales, with Indra to finance their research programs.

研發方面，與 Thales、Indra 簽訂了非常重要的協議，資助他們的研發計畫。

And finally, we're also nurturing the emerging ecosystem of investment, venture capital and investment funds in Europe in the area of security and defence.

最後，我們也在培養歐洲在安全與國防領域的新興投資生態系統、創投以及投資基金。

So I would say from the European Investment Bank Group, it's clear we're playing our part in supporting Europe's capacity in this very important area.

所以我想說，從歐洲投資銀行集團的角度來看，很明顯我們正在支持歐洲在這個非常重要領域的能力。

So that's quite a wide ranging number of ways that you're supporting defence.

所以，你們支援國防的方式確實非常廣泛。

But when most people think of defence, they think of weapons and ammunition.

不過，大多數人想到國防，腦中浮現的都是武器和彈藥。

Has the taboo over weapons financing been broken?

武器融資的禁忌是不是已經被打破了？

Is that something that you can see changing?

你覺得這種情況有可能改變嗎？

Well, you know, we are a multilateral development institution and it's very important to preserve that status.

嗯，你知道的，我們是一個多邊開發機構，維持這個身份非常重要。

And it's also important to bear in mind that we are not a defence ministry.

同時也要記住，我們不是國防部。

So as I was saying, each one should play its part.

所以就像我剛才說的，每個人都應該扮演好自己的角色。

And the European Investment bank is focusing where we can really make a difference and where we're very good at large investments, long term investments, large infrastructures, research, new technologies, cybersecurity, nurturing the venture capital ecosystem.

歐洲投資銀行正專注於我們能真正做出貢獻的領域，也就是我們擅長的長期、大型投資，像是大型基礎設施、研發、新興科技、網路安全，以及培育創投生態系統。

That is an area where the EIB is very strong and where we are already making a difference for Europe.

這是歐洲投資銀行非常強大的領域，我們也已經為歐洲帶來了改變。

Now some of the comments that you see online under TikTok posts or Twitter, they say, why are we spending billions of taxpayer cash on Ukraine when we should be spending on schools and hospitals at home.

現在網路上，像是 TikTok 或 Twitter 的留言區，有人會說，為什麼我們要花費數十億的納稅錢在烏克蘭身上，而不是用在國內的學校和醫院？

Maybe you could explain how the funding actually works and why it's necessary to spend on Ukraine and not, let's say, schools and hospitals at home.

或許你可以解釋一下，這些資金實際上是如何運作的，以及為什麼有必要花在烏克蘭，而不是像國內的學校和醫院。

And I fully agree and I am very mindful always to listen to citizens.

我完全同意，而且我一直都很注意傾聽民眾的聲音。

You know, schools and hospitals underpin the European way of life.

你知道，學校和醫院是歐洲生活方式的基石。

And so the European Investment bank is a very important player in this area in terms of health, in terms of hospitals, and

所以，歐洲投資銀行在健康、醫院這些方面，是個非常重要的參與者，而且

Only in 2025 we have provided more than 5 billion euros in housing and our target is 6 billion euros for 26.

光是在 2025 年，我們就提供了超過 50 億歐元的住房資金，目標是 2026 年達到 60 億歐元。

So we are there where we can, as I said before, make a difference for citizens, for businesses and for Europe as a whole.

所以，就像我之前說的，我們會在我們能做出貢獻的地方，為民眾、為企業、為整個歐洲帶來改變。

But that should not impede us to see that we also need to support Ukraine.

但這不應該阻止我們看到，我們也需要支持烏克蘭。

Ukraine right now plays a key role to preserve our security, our peace, our stability, even our border protection.

所以，烏克蘭現在在維護我們的安全、和平、穩定，甚至是邊境保護方面，都扮演著關鍵角色。

And so from this point of view, we need to do both.

所以，從這個角度來看，我們兩者都需要兼顧。

And from the European Investment bank group, we are acting and we're the main investment partner to the Ukrainian government when it comes to rebuilding infrastructures, also water supply, hospitals, kindergarten, schools, universities, energy infrastructures, transport infrastructures, also supporting SMEs in Ukraine and European SMEs exporting to Ukraine through our trade, finance, support and guarantees.

而歐洲投資銀行集團，我們正在採取行動，並且是烏克蘭政府在重建基礎設施、供水、醫院、幼兒園、學校、大學、能源基礎設施、交通基礎設施，以及透過我們的貿易、金融、支援和擔保來支持烏克蘭的中小企業和出口到烏克蘭的歐洲中小企業方面的主要投資夥伴。

Because that is what we need to do now in order to ensure that there is resilience in the country.

因為這正是我們現在需要做的，以確保該國的韌性。

And I hope that we focus on the reconstruction and the structure, strong recovery once the war is over.

我希望我們能專注於重建和結構，在戰爭結束後實現強勁復甦。

And you're taking credit, you're not taking taxpayers cash and giving it to Ukraine?

所以你們是借貸，而不是拿納稅人的錢給烏克蘭？

What we use is the European budget guarantees and which are instrumental obviously to be operating in a country in war right now.

我們使用的是歐洲預算擔保，這顯然對於目前在戰區運作至關重要。

And of course we borrow in financial markets around 60 billion euros a year with which we finance our investments.

當然，我們每年在金融市場借貸約 600 億歐元，並以此來資助我們的投資。

And I should also add the eib, and maybe your viewers don't know it, we are profitable.

我還應該補充一點，歐洲投資銀行，也許您的觀眾不知道，我們是盈利的。

We make more than 2 billion euros in profit every year, which we bring to our reserves to continue to enhance and reinforce our capital and to provide our financial stability.

我們每年獲利超過 20 億歐元，這些獲利會納入我們的準備金，以持續增強和鞏固我們的資本，並提供我們的財務穩定。

That's what guarantees that we can provide long term finance in good conditions.

這就是我們能以良好條件提供長期資金的保證。

There were concerns last year when President Zelensky seemed on the verge of dismantling, or if you're putting it favorably, at least reforming anti corruption regulators and investigators in Ukraine.

去年，澤倫斯基總統似乎快要拆除，或者說，如果說得好聽一點，是改革烏克蘭的反貪腐監管機構和調查人員時，曾引起了擔憂。

Are you concerned about how your money is being spent there?

你們會擔心你們的錢在那裡是如何被花費的嗎？

We have our own internal investigation processes which are focusing a lot on Ukraine these days.

我們有自己的內部調查程序，這些程序最近非常關注烏克蘭。

We have agreements with the anti corruption institutions in the country.

我們與該國的反貪腐機構簽有協議。

We're helping them to build capacity, but also working day, you know, on a daily basis with them.

我們正在幫助他們建立能力，同時也每天與他們合作。

We also have very tight cooperation with the World bank, with the UN Development Program, with all those agencies that are on the ground.

我們也與世界銀行、聯合國開發計劃署以及所有在當地工作的機構有非常緊密的合作。

And we are operating not only with the government and not only with the private sector, also with the network of mayors of the cities throughout Ukraine that also create a capacity, you know, for managing European investments.

而且我們不只跟政府、不只跟私人企業合作，也跟烏克蘭各地的市長網絡合作，他們也能建立管理歐洲投資的機制。

And all in all, what I can say is that it's very good that there was a decision to pull back some of those decisions and to make sure that there is a strong anti corruption governance and architecture in the country.

總而言之，我能說的是，很高興做出了收回部分決策的決定，並確保國家有強力的反貪腐治理架構。

And actually it's very important that Ukraine continues with these reforms that will bring it closer to the eu, because accession to the EU and the EU enlargement is obviously going to be one of our top priorities once the war is over.

事實上，烏克蘭持續推動這些改革，讓它更接近歐盟非常重要，因為加入歐盟和歐盟擴張，顯然將是戰爭結束後我們的首要任務之一。

But it requires Ukraine to be up to the European standards when it comes to fighting corruption.

但這需要烏克蘭在打擊貪腐方面達到歐洲的標準。

And you're holding a 100 billion euros financing target for 2026.

而你們設定了 2026 年 1000 億歐元的融資目標。

But at one count, over half of it is still climate funding.

但有一種計算方式是，其中超過一半仍然是氣候資金。

How do you defend that to citizens of Europe who think defense is by far more the much more important immediate priority?

你該如何向認為國防才是更重要、更迫切的優先事項的歐洲公民解釋這一點？

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歐洲企業如何應對關稅衝擊？DW新聞 (European firms have adjusted to the tariff shock | DW News)

strategy

scale

pursue

capacity