Christoffer Taxell: NIB bigger than its balance sheet

Christoffer Taxell has chaired the meetings of NIB’s Business Advisory Group for more than two years now. The NIB Newsletter has interviewed him to find out what the group of high-level experts has discussed so far.

NIB’s Business Advisory Group has been active for a bit more than two years. What has been the main focus of your work?

“I would say that the main purpose of the group has been to create a forum for analytical discussions where NIB has been able to test its business logic and ideas.

First, we have discussed economic and financial trends developments both globally and in NIB’s member countries. This has been inspiring as there is a lot of expertise in the group in this field both from the business and policy-making sides. For example, Bodil Nyboe Andersen has worked as a Governor of the Danish Central Bank.

Second, we have taken a deeper look at NIB’s focus sectors: energy, environment, transport, logistics and communication as well as innovation. We also have some insight into these areas. For example, Paul Bulteel from Belgium is the former Secretary General of EURELECTRIC and Björn Carlson is the founder of Baltic Sea 2020.

Third, we have paid some attention to the question of whether NIB has the right focus in its operations, both in terms of sectors and geographical areas. The dilemma is that activities should be large enough to be relevant but at the same time resources are scarce and there must be a clear focus.”

How do you think NIB has progressed over the years? What would NIB need to look closer at in fulfilling its mandate and supporting its customers?

“The fact that NIB has focused more on certain sectors has been clearly visible. Within the environmental field, NIB has been profiled as a “Baltic Sea bank” by financing some very concrete projects such as more efficient waste water treatment in St Petersburg.

NIB has a very good reputation and there are no doubts for the need of the institution. One could say that today NIB is much bigger than its balance sheet. We have concluded that NIB’s focus sectors are indeed the right ones. However, within this framework NIB should be flexible to act if one of these sectors would become relatively more important in the future for some reason.”

You have extensive experience in business and politics in the Nordic region. What explains the fact that Nordic countries seem to do so well in many international competitiveness rankings?

“This is also relevant for NIB, which has not only environment but also competitiveness in its mandate. One factor is that Nordic countries are rather homogenous, both between and within countries. There are no big socio-economic differences. In all countries there has been a lot of focus on education. For example, in Finland it does not make a difference if you go to school in Helsinki, Utsjoki, Korppoo or Lappeenranta. People also tend to take care of each other, especially during difficult times.

Of course there has been discussion regarding the right balance between the responsibilities of individuals versus those of the society. The challenge is that we are competing in global markets where competitiveness is the key word. It is not enough to adjust to changes; one has to participate in building the change.

This is a continuous battle. But so far the Nordic model has been able to create beneficial conditions for the private sector to flourish. Only successful companies are able to create welfare. In fact, this is the foundation of the Nordic model.”

How do you see the potential of the Baltic Sea region? Where do you see new possibilities and challenges?

“The biggest cause for concern is of course the ecological state of the Baltic Sea. The sea does not separate us; it unites us. The collapse of the Soviet Union created many new opportunities for cooperation, the participation of Baltic countries in NIB being one example of that. The Baltic Sea region is large both geographically and population wise. There is also much also work to be done in the fields of energy and transport.”