García Fernández-Muro, Clara BelénFernández Sánchez, RafaelDíaz Fuentes, Daniel2025-08-272025-08-272024-09-05García, C., Fernández, R., & Díaz-Fuentes, D. (2024). Can national development banks translate the EU´s new goals? Lessons from the Spanish case. Journal of Economic Policy Reform, 28(1), 75–96. https://doi.org/10.1080/17487870.2024.23875671748-787010.1080/17487870.2024.2387567https://hdl.handle.net/20.500.14352/123445The EU has committed itself to ambitious environmental, social, and techno-productive goals, and national development banks (NDBs) in the European financial architecture can be key actors in investment to finance them. However, not all EU member states have large and mature NDBs. In this light, this article examines the role of Spain´s mid-sized Instituto de Crédito Oficial and concludes that its dual nature, between the investment state and the private sector, provides it with levers to pursue EU goals effectively. Certain elements of this case could be used as lessons for other EU countries with smaller or underdeveloped NDBs.engjournal article1748-7889https://doi.org/10.1080/17487870.2024.2387567embargoed accessG21G28H44052ICONational Development BankEuropean financial architectureSustainable financeEuropean economic policiesInvestment stateBancos y cajasPolítica económica y financieraPaíses miembros de la Unión Europea (Unión Europea)5309.06 Empresas Publicas5304.06 Dinero y Operaciones Bancarias5310.91 Economía Internacional: Área Europea